New KFTC division to probe conglomerates' nonprofit foundations, holding company revenue streams
( November 2, 2017, 06:00 GMT | Insight) -- The Korea Fair Trade Commission’s newly established Business Group Division is set to launch a probe of nonprofit public welfare foundations established by conglomerates, commission Chairman Kim Sang-jo said at a meeting with South Korea's five biggest companies today, Yonhap News reports.The Korea Fair Trade Commission’s newly established Business Group Division is set to launch a probe of nonprofit public welfare foundations established by conglomerates, commission Chairman Kim Sang-jo said at a meeting with South Korea's five biggest companies today, Yonhap News reports. The investigation seeks to determine whether such foundations are engaged in the activities for which they were ostensibly set up. The watchdog also plans to look into the revenue structures of holding companies to determine whether unfair business practices exist, Kim added. Samsung Electronics President Lee Sang-hoon, Hyundai Motor President Chung Jin-hang, SK Telecom Predsident Park Jung-ho, LG Corp President Ha Hyun-hwoi and Lotte Group President Hwang Kag-gyu attended the meeting. Kim urged the companies to increase their efforts to improve trading practices, especially with smaller companies, and to regain public trust....
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