KFTC Fines State-Run Bank For Supporting Unit

Law360 (July 23, 2008, 12:00 AM EDT) -- South Korea’s Fair Trade Commission said Tuesday that it was fining state-run Korea Development Bank 15.4 billion won ($15.2 million) for inappropriately supporting one of its subsidiaries, according to published reports.

This is the first time the FTC has sued a state-run bank for the wrongful support of one of its units, said Suh Suk-hee, the director general of the FTC's market analysis policy office, in a press briefing Tuesday, according to the Korea Herald.

Korea’s antitrust watchdog alleged that KDB had acquired 350 billion won...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.