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South Korea's competition regulator designates 88 large conglomerates for comprehensive disclosure in 2024

( May 15, 2024, 03:00 GMT | Official Statement) -- MLex Summary: The Korea Fair Tade Commission has designated 88 large business groups with assets of 5 trillion won ($3.7 billion) or more, including new additions such as Hybe, Paradise and Youngone, as subject to disclosure requirements for 2024 under South Korea's competition law. This represents an increase of six from last year. Of these, 48 groups are also subject to cross-shareholding restrictions to curb excessive economic concentration. The regulator said the expansion in designations reflects growth in the entertainment, hotel, tourism and apparel sectors, as well as increasing asset values. The designations are intended to boost transparency, deter unfair practices and prevent undue concentration of economic power by obligating the listed companies to report details on their general status, executives, board of directors, stock ownership and transactions with specially related persons.The statement, in Korean, is attached....

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