Korean FTC Wants To Tighten Reins On Chaebol

Law360, New York (February 6, 2007, 12:00 AM EST) -- South Korea’s Fair Trade Commission warned the country’s conglomerate groups on Monday that it would take a tougher stance against companies that abuse their market dominance and use unfair competition practices to keep other companies from growing.

FTC Chairman Kwon Oh-seung told the Financial Times that there needed to be tougher regulations on cartels and mergers, especially amongst Korea’s chaebol families.

Chaebol refers to the large, family-controlled Korean corporate groups that have played a major role in the South Korean economy since the 1960s. They are...
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