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6 firms off FTC's 'conglomerate watch list'

All Headlines 10:00 December 04, 2017

SEOUL, Dec. 4 (Yonhap) -- South Korea's antitrust regulator said Monday the number of firms affiliated with local conglomerates on its watch list dropped by six to 1,280 in November from the previous month.

Nine companies were added to the list of the Fair Trade Commission (FTC), while 15 others were removed from it during the month. Those on the list are subject to a set of restrictions, including a ban on cross-shareholding and loan guarantees among subsidiaries.

The decrease is mainly due to shipbuilders, such as Hyundai Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co., and other conglomerates spinning off a total of 15 affiliates.

Under a revised antitrust law, business groups with 10 trillion won (US$8.8 billion) in assets or more are categorized as conglomerates by the FTC and put on the watch list.

On the other hand, a newly acquired nine subsidiaries of Samsung, GS, Shinsegae and six other conglomerates were added to the list.

sam@yna.co.kr
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