Top 5 Chaebol Object to FTC"s Fines
The five largest chaebol groups: Hyundai, Samsung, Daewoo, LG and SK, filed a formal objection against the judgement by the Fair Trade Committee (FTC).The FTC announced on December 27 that Samsung Group officially protested the FTC on the 22nd and Hyundai and LG groups on the 23rd and Daewoo and SK groups on the 24th.
Accordingly, the FTC will assess the complaints by the top five chaebol groups over the next month and make its decision on the protest. A source at the FTC said, 'The contents of the protest by the five chaebol groups are similar to their original objections. Therefore, there is a high probability that the complaint will be rejected.'
Earlier, the FTC had imposed 70.4 billion won in fines on its first inspection of the big five and 20.9 billion won in a second inspection of trade practices.
with the Korea JoongAng Daily
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