South Korea’s corporate watchdog said Wednesday that it has slapped a combined 218.9 million won ($194,300) in fines on 54 affiliates of large business groups for regulatory filing violations last year.
SK Group, the country’s third-biggest conglomerate by assets, were fined 33.3 million won due to 17 offending cases, while affiliates of OCI Co., the top solar power panel maker, were booked
46.7 million won for not properly reporting to authorities about their intra-affiliate business deals, according to the Fair Trade Commission.
Other big-name business groups like Hyundai Motor Group, LG, Lotte, POSCO, CJ and LS are also on the violation list, said the watchdog.
The South Korean fair trade law requires that large business groups with total assets reaching 10 trillion won or over open all deals, including services carried out among their affiliates, to the public. Appointments of executives and board members are also subject to mandatory filings.
Last year, 155 listed and non-listed companies under the wings of 27 business groups were obliged to file. (Yonhap)