KFTC Fines State-Run Bank For Supporting Unit

Law360, New York (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...
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