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KFTC allows struggling firms to extend deadlines for fines, pay in installments

( April 25, 2016, 04:16 GMT | Official Statement) -- MLex Summary: The Korea Fair Trade Commission has decided to allow companies to pay fines in installments and to extend deadlines for fine payments under three sets of circumstances: first, if a company has run at a net loss for three consecutive three fiscal years; if a firm has debt worth more than twice its total assets; and if a firm’s cash reserves are less then 50 percent of any fines imposed. The commission preannounced legislation on the revision of the ordinance for the enforcement of the Monopoly Regulation and Fair Trade Act from March 25, 2015, to April 11, 2016. This revision was finalized during a KFTC standing committee hearing last Wednesday. The regulator's statement, in Korean, is attached....

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