Hite Jinro fined $10M for cozy deals with relatives

Home > Business > Industry

Hite Jinro fined $10M for cozy deals with relatives

Published: 15 Jan. 2018, 20:30

Hite Jinro, Korea’s leading liquor maker, was fined 10.7 billion won ($10.3 million) for unfair trading with businesses controlled by the owner family’s members, the country’s corporate watchdog said Monday.

According to the Fair Trade Commission (FTC), Hite Jinro placed massive orders with two firms operated by so-called specially related people of the company, undermining market discipline.

Hite Jinro also forced one of its affiliates to take over products made by the two firms at excessively high prices, providing unfair gains to the suppliers, the FTC said.

Yonhap