Online markets fined for treating suppliers badlyKorea’s antitrust watchdog said Sunday that it levied a combined 624 million won ($570,000) in fines on two online marketplaces for unfair business practices.
Interpark sent written terms of contracts to some of its suppliers between July 2014 and June 2016 after products began being supplied, and returned 444 million won worth of books to some of its suppliers without valid reasons, according to the Fair Trade Commission (FTC).
Another online marketplace, Lotte.com, delayed payments to six suppliers between March 2013 and March 2016, causing financial losses to those partners, it added.
The FTC said it will rev up efforts to curb illegal business practices by such online marketplaces as their presence has grown sharply over the past few years.
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