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K-pop idol merchandise sellers hit with penalties for e-commerce violations in South Korea

( August 11, 2024, 03:00 GMT | Official Statement) -- MLex Summary: Four major K-pop merchandise businesses — Weverse Company, SM Brand Marketing, JYP Three Sixty and YG Plus — have been sanctioned by South Korea's competition watchdog for violations of the country's e-commerce rules. According to the Korea Fair Trade Commission, the companies were found to have set unreasonably short cancellation periods, refusing refunds without unboxing videos and failing to provide clear information about product delivery times. Penalties include corrective orders, warnings and fines totaling 10.5 million won (about $7,700). The regulator said it intends to maintain vigilant oversight of e-commerce law violations in the market and warned that it will impose severe penalties on companies that repeat similar legal infractions in the near future.The statement, in Korean, is attached....

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