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South Korea eases mandatory criminal referral procedures to reduce uncertainties for businesses

( January 2, 2023, 04:11 GMT | Official Statement) -- MLex Summary: The Korea Fair Trade Commission, the Ministry of SMEs, and the Public Procurement Service agreed to ease rules for the obligatory antitrust referral scheme, with an update on the Memorandum of Understanding signed in 2013 that gave the rights to the Ministry of SMEs and the Public Procurement agency to request a criminal referral on past cases from the KFTC. The revision was made to shorten the period during which the two agencies could ask the KFTC to send cases to prosecutors from six months to four months. When extending the period, the agencies have to give an explanation for the review to companies and the expected timing of the referral procedure, to reduce uncertainties for companies about facing subsequent referrals. The statement, in Korean, is attached....

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