Panel Invites Queries On Trade Laws

The Fair Trade Commission said Friday that it would welcome requests for consultations with firms that wish to verify the legality of their business activities to head off fair trade law violations.

The head of the antitrust agency, Lee Nam-ki, told the National Assembly's National Policy Committee that the open-door policy would provide companies with legal advice on questionable business activities and give them clearer guidelines on fair trade law.

The policy move is intended to make antitrust supervision more efficient. The commission will also cut back on large-scale investigations spanning entire corporate groups and focus more on individual cases of antitrust law infractions. The commission will also step up reviews of bank records and other information to trace illegal transactions between family relatives and transfers of cash overseas.

by Suh Kyoung-ho