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Antitrust chief to curb unfair practices of big retailers

All Headlines 16:50 December 17, 2018

SEJONG, Dec. 17 (Yonhap) -- South Korea's antitrust chief pledged Monday to rein in unfair business practices by major retailers in a move to better protect the rights of smaller suppliers.

Kim Sang-jo, chairman of the Fair Trade Commission, made the comments in a meeting with heads of nine small suppliers for retailers in Daejeon, located about 160 kilometers south of Seoul.

The watchdog said big retailers would pay punitive damages of up to three times the losses incurred by smaller partners in case of illegal business practices, such as rejection and returns without legitimate reasons.

Some South Korean large business groups have been under fire for abusing their market dominance and exerting undue pressure on subcontractors and smaller firms.

South Korea has been trying to level the playing field for small and medium-sized companies in a country where family-controlled conglomerates have dominated the economy for decades.

Kim Sang-jo, chairman of the Fair Trade Commission, holds a meeting with journalists in Daejeon, located about 160 kilometers south of Seoul, on Dec. 17, 2018. (Yonhap)

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