Hite Jinro fined $10M for cozy deals with relatives

Home > Business > Industry

print dictionary print

Hite Jinro fined $10M for cozy deals with relatives

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.

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)