Fines slapped on unfair business activities jump in 2009

SEOUL, Jan. 6 (Yonhap) -- The amount of fines slapped on unfair business
activities jumped last year from a year earlier due to an intensified clampdown
by the nation's antitrust watchdog on price-rigging and other forms of business
malpractice, a report showed Wednesday.

According to the preliminary report by the Fair Trade Commission (FTC), fines
levied on companies exceeded 400 billion won (US$351 million) last year, marking
a sharp increase from the previous year's 272 billion won. Exact figures have yet
to be announced but the amount is expected to be similar to the 423.4 billion won
recorded in 2007.
The increase stemmed from the FTC's intensified clampdown on price fixing and
other unfair business activities by local and foreign companies.
Last July, the corporate watchdog slapped Qualcomm Inc. with a 260 billion won
fine for violating the nation's fair competition rules by abusing its market
monopoly. Five local beverage producers were also fined a combined 25.5 billion
won in August for rigging prices.
The 2009 penalty figures, however, do not include the FTC's move in December
imposing a record 668.9 billion won fine on six liquefied petroleum gas suppliers
for fixing prices as due procedures have yet to be completed.
The FTC is planning to step up its drive to crack down on cartels and other
activities that hamper fair market competition and threaten to cause hardships
for those in the low and middle-income brackets.
kokobj@yna.co.kr
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