S. Korea to get tough on cartel activities: FTC head

SEOUL, Nov. 6 (Yonhap) -- South Korea will crack down on domestic cartel
activities as part of efforts to curb unfair market practices and level the
playing field, the top antitrust regulator said Friday.
"We will strongly enforce cartel-related regulations down the road," Chung
Ho-yul, head of the Fair Trade Commission (FTC), said in a lecture to
businessmen.
"Our companies including Samsung Electronics and LG Display have been fined
around 1.8 trillion won by foreign antitrust watchdogs for five to six
violations. The FTC is partly blamed since it was late in providing a correct
standard and giving them a chance to train themselves," he added.
Noting that some companies are habitually involved in cartel activities, Chung
said that such practices could lead to a huge amount of penalties if they are
detected by foreign watchdogs.
The FTC head said that he will meet leaders of major industries later this year
or early next year to emphasize his point and encourage them to avoid activities
that hamper fair competition.
Meanwhile, in relation to the ongoing investigation into price-rigging
allegations in the liquefied petroleum gas industry, Chung said that the FTC will
convene a meeting next week to determine the level of punishment.
kokobj@yna.co.kr
(END)