Korea FTC Fines Industries $831 Million For Antitrust Violations

Korea FTC Fines Industries $831 Million For Antitrust Violations

It highlights the administrative efforts of Yoon Suk Yeol, President of South Korea, for promoting fair trade practices

The Korea Fair Trade Commission (KFTC) has imposed a fine of over 1.16 trillion won ($831.5 million) on key industries in the past two-and-a-half years for violating market regulations.

The review was unveiled to mark the midpoint of the Korean President’s five-year term.

South Korea's antitrust regulator unearthed 5,837 cases of misconduct in key industries that drive the country's economic growth. Out of these, 1.16 trillion won were imposed in 289 cases from May 2022 to November 2024.

The FTC said it aimed at strengthening fair trade practices and enhancing consumer rights, focusing on supporting small and medium enterprises. The efforts included addressing unfair business practices against franchise operations and reinforcing punitive damages for violations, including unauthorized use of proprietary technology.

The regulator has streamlined many rules to reduce business inconvenience. The changes include revising rules that limit competition, including those impacting large retail stores, and vehicle-sharing and rental services.

Cho Hong-sun, vice chairperson of FTC remarked, "We have worked to stabilize livelihoods and create a foundation for greater market efficiency and dynamism,” and the agency will continue to focus on supporting issues related to e-commerce platforms.

Initially, the Yoon administration would focus on legislation to ensure that online intermediary platforms meet payment deadlines for their partner merchants.

The FTC also aims to strengthen platform operators’ accountability and monitor and address subscription-based service violations.