South Korean conglomerates face closer monitoring as KFTC launches new department
( September 22, 2017, 05:47 GMT | Insight) -- The Korea Fair Trade Commission yesterday established a Group Business Department to step up the monitoring of conglomerates for signs of unfair trade practices, Etoday reports.The Korea Fair Trade Commission yesterday established a Group Business Department to step up the monitoring of conglomerates for signs of unfair trade practices, Etoday reports. The commission proposed the reorganization as part of its efforts to scrutinize conglomerates more clolsely, and tha plan passed a cabinet meeting on Sept. 12. Under the new department, there are five different divisions that monitor policy, holding companies, public announcements, internal transactions and illegal support. The current head of the KFTC's anti-monopoly bureau, Shin Bong-sam, has been appointed as department head. Shin is known as a "chaebol sniper" because he has been a keen observer of conglomerates' illegal inter-affiliate trading and their family members reaping excessive profits. The new department will operate temporarily for two years and will focus primarily on monitoring large companies providing work unfairly to their affiliates....
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