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3 firms removed from antitrust watch list in May

All News 10:00 June 01, 2017

SEJONG, June 1 (Yonhap) -- The number of South Korean business groups' affiliates subject to restrictions on mutual investment and loan guarantees dropped slightly in May from a month earlier, the corporate watchdog said Thursday.

The Fair Trade Commission (FTC) said 1,263 firms were on its monthly watch list as of end-May, down three from the previous month.

They are owned by the country's 31 largest business groups, including Samsung Group and Hyundai Motor Group.

Three groups, including GS and Korea Investment Holdings Co., added a combined five more affiliates through stake purchases and new corporate establishments.

On the other hand, three conglomerates, involving Daewoo Shipbuilding & Marine Engineering Corp. and OCI, removed eight companies from their wings, the watchdog said.

Under South Korea's fair trade law, the affiliates of large business groups with assets of 10 trillion won (US$8.5 billion) or more are restricted from making equity investments in affiliates or offering loan guarantees to one another.

3 firms removed from antitrust watch list in May - 1


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