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South Korea: KFTC Chairman speaks of harsh penalties for big retailers

By  |  December 17, 2018

The chairman of South Korea’s Fair Trade Commission, Kim Sang-jo, made the comments in a meeting with heads of nine small suppliers for retailers in Daejeon, located about 160 kilometers south of Seoul.

Kim said big retailers would pay punitive damages of up to three times the losses incurred by smaller partners in case of illegal business practices, such as rejection and returns without legitimate reasons.

South Korea has been trying to level the playing field for small and medium-sized companies in a country where family-controlled conglomerates have dominated the economy for decades and some have recently come under fire for abusing their market dominance and exerting undue pressure on subcontractors and smaller firms.

Full Content: Yonhap News Agency

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