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Antitrust watchdog fines 172 firms for disclosure violations

All News 12:00 March 10, 2016

SEJONG, March 10 (Yonhap) -- South Korea's antitrust watchdog said Thursday that it has slapped a combined 815 million won (US$672,720) in fines on 172 affiliates of large business groups for regulatory filing violations last year.

Sixteen affiliates of Lotte Group were fined a combined 135.5 million won and 12 companies under the arm of SK Group were booked 92.6 million won in penalties for not properly reporting to authorities about their intra-affiliate business deals, according to the Fair Trade Commission (FTC).

The deals include transactions related to capital, assets, securities and services carried out among affiliates of the business groups, with appointments of executives and board members also subject to mandatory revelation.

Hyundai Motor Group was also fined 33.8 billion won for disclosure violations by six affiliates, while GS Group was slapped with a fine of 71.2 million won, added the FTC.

Other big-name business groups like Samsung, LG, POSCO, CJ and LS are also on the violation list, according to the watchdog.


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