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South Korea inaugurates new KFTC chief, pledging tougher penalties, fairer markets

( September 16, 2025, 06:27 GMT | Official Statement) -- MLex Summary: South Korea inaugurated Ju Biung-ghi as chair of the Korea Fair Trade Commission on Tuesday, where he laid out a sweeping agenda to advance market fairness and structural reform. Ju, an economics scholar, said he would nurture innovative companies while punishing conglomerates that dissipate capital through self-dealing and other unfair practices, calling this the agency’s “historic mission.” He vowed to eliminate abuses such as technology misappropriation and unfair payment terms, including practices where smaller firms are forced to accept reduced or postponed payments for supplies. He also promised to raise penalties so that violations cost far more than illicit gains and to strengthen the bargaining power of weaker parties against dominant franchisors and contractors. Ju further committed to tightening oversight of corporate groups, establishing fairer rules in the online platform sector and ensuring swift remedies for consumers and small businesses.The speech, in Korean, is attached....

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