Corporate watchdog chief calls for tougher penalties for obstructing investigations
Korea's antitrust chief on Sunday called for tougher financial penalties against companies that refuse to cooperate with investigations, following a recent dispute involving e-commerce giant Coupang. Ju Biung-ghi, chair of the Fair Trade Commission (FTC), said imposing fines equivalent to 1 percent of a company's total revenue for obstructing investigations would strengthen the watchdog's…
The Korea Times reports that Korea's antitrust chief, Ju Biung-ghi, has called for more stringent penalties against companies that obstruct investigations. This call for change comes in the wake of a recent dispute involving e-commerce giant Coupang. Ju Biung-ghi, chair of the Fair Trade Commission (FTC), suggested that financial penalties equivalent to 1 percent of a company's total revenue could significantly enhance the watchdog's enforcement capabilities.
In an interview with public broadcaster KBS, Ju emphasized that while the FTC's current investigative authority is adequate, the need for stiffer penalties against non-cooperative companies is critical. Currently, the Act on Fair Transactions in Large Retail Business only permits administrative fines, a limitation that Ju highlighted as a potential barrier to effective law enforcement.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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