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South Korea's Kakao Mobility faces $54.9 million fine, criminal charges for market abuse

( October 2, 2024, 03:00 GMT | Official Statement) -- MLex Summary: Kakao Mobility, a leading ride-hailing platform in South Korea, faces severe penalties from the country's competition watchdog, including a provisional fine of 72.4 billion won (about $54.9 million) and referral to prosecutors, for abusing its market dominance. According to the Korea Fair Trade Commission, the company has demanded real-time operational data from rival taxi-franchise operators and blocking their drivers from using Kakao T's general call service if they refused. This action led to Kakao Mobility's market share in the franchise-taxi market soaring from 51 percent in 2020 to 79 percent in 2022, while effectively pushing out competitors. The statement, in Korean, is attached....

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