FTC warns Lee Jae-yong about omissions from filing

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FTC warns Lee Jae-yong about omissions from filing

Korea’s antitrust regulator said Monday it has issued a warning to Lee Jae-yong, vice chairman of Samsung Electronics, over allegations he submitted falsified data.
The chiefs of large business groups are required to submit to the Fair Trade Commission (FTC) every year details about companies governed by them and their family members and information about executives and shareholders of corporate units.
In 2018 and 2019, Lee submitted documents in which companies governed by the group’s outside directors were omitted from the list of affiliates, according to the FTC.
The FTC said the omission did not affect its move to designate Samsung as a large business group on its antitrust watch list. But due to the falsified data, it took more than a year to put affected companies on the list of Samsung’s affiliates.
Large business groups with assets exceeding 5 trillion won ($4 billion) are required to publicly file their business information, and those with 10 trillion won in assets or more are banned from making equity investments in affiliates or offering loan guarantees to each other.

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