Discount Chain Sues Korean Fair Trade Commission

Law360, New York (December 1, 2006, 12:00 AM EST) -- Korea’s largest discount mart chain, Shinsegae, has decided to sue the Korean Fair Trade Commission for imposing “unreasonable” conditions on the company’s acquisition of Wal-Mart stores in Korea.

Wal-Mart, which entered South Korea seven years ago, finally gave up its unprofitable fifth place position and sold 100% of its operations to Shinsegae for around $825 million. Shinsegae will operate them under the umbrella of its E-Mart retail chain.

However, the KFTC, worried about a monopoly in several areas of the discount chain market, ordered Shinsegae to...
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