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South Korean antitrust regulator urged to exercise more caution in fines

( October 30, 2024, 03:19 GMT | Official Statement) -- MLex Summary: Nearly half of the fines imposed by the Korea Fair Trade Commission had to be refunded after the agency lost administrative lawsuits, according to a 2025 budget analysis released by the National Assembly Budget Office this week. While the competition regulator collected 203.9 billion won ($147.5 million) in fines this year as of August, it was forced to refund 93 billion won, resulting in a 45.6 percent refund rate. The majority of refunds — 85.4 billion won or 91.9 percent — stemmed from lost litigation cases, notably including the Supreme Court's June ruling that overturned a 64.7 billion won fine against SPC Group over alleged unfair support to its affiliates. The office warned that such high refund rates due to overturned decisions not only reduce government revenue but also create inefficiencies in public and private sectors, and urged the regulator to exercise more caution in its decisions to impose fines to prevent further refund increases from administrative litigation.The report, in Korean, is attached....

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