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SK affiliate fined in China for forex violation

All News 10:07 April 06, 2016

SEOUL, April 6 (Yonhap) -- An affiliate of South Korean energy and telecom conglomerate SK Group has been fined 5.53 million yuan (US$853,000) in China for violating foreign exchange rules, industry sources said Wednesday.

SK Global Chemical International Trading Co., an affiliate of SK Innovation Co., the group's refining unit, was slapped with the fine by China's foreign currency authorities, according to the sources.

The SK company is reportedly accused of failing to endorse checks in some of its transit trade and foreign exchange transactions between January 2011 and March 2013.

It is rare for a South Korean conglomerate to be fined in China for breaching foreign exchange regulations.

SK Group's affiliates are also under probes for shoddy property transactions and their delayed corporate disclosures.

The probes came as Chey Tae-won, the chief of the country's No. 3 conglomerate, is accelerating his move to tighten his grip on group management after he was named a new board member for SK Corp., the group's holding firm, last month.

Chey also took the title of CEO for SK Corp.

SK Group operates businesses in the telecommunications, chemical, tech and other sectors, taking third place behind Samsung and Hyundai Motor.


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