Sejong Government Complex, Building 2, home to the Korea Fair Trade Commission. [Photo by Yoo Dae-gil, dbeorlf123@ajunews.com]
South Korea’s antitrust regulator will hold tailored briefings online and in person for disclosure officers at major conglomerates, aiming to prevent repeat violations.
The Korea Fair Trade Commission said May 7 it will host the sessions with the Korea Chamber of Commerce and Industry from May 11 to 13 for companies designated as disclosure-target business groups, commonly known as large conglomerates.
The commission holds quarterly briefings each year to improve understanding of disclosure requirements and curb recurring violations. Groups that breach the disclosure system can face corrective orders and administrative fines of up to 100 million won.
Last month, the commission newly designated 11 groups as large conglomerates: Line, the Korea Teachers’ Credit Union, Woongjin, Shielders, Daemyung Chemical, Toss, Kolmar Korea, Heesung, Orion, QCP Group and Iljin Global. Including the newly designated groups, the total number of large conglomerates in South Korea is 102.
At the briefings, the commission will also explain obligations related to status disclosures, disclosures of large internal transactions, and disclosures of key matters for unlisted companies, reflecting cases in which the controlling person of some groups has changed to a natural person.
It will provide additional guidance tied to this year’s group designations and set aside time for questions and answers, offering company-specific assistance.
The commission said it will continue outreach online. In the first half of the year, it plans to produce explanatory videos on large internal transactions, key matters for unlisted companies and group status disclosures, and release them on its official YouTube channel. In the second half, it plans to hold “on-site disclosure briefings” for conglomerates based outside the capital region.
The Korea Fair Trade Commission said May 7 it will host the sessions with the Korea Chamber of Commerce and Industry from May 11 to 13 for companies designated as disclosure-target business groups, commonly known as large conglomerates.
The commission holds quarterly briefings each year to improve understanding of disclosure requirements and curb recurring violations. Groups that breach the disclosure system can face corrective orders and administrative fines of up to 100 million won.
Last month, the commission newly designated 11 groups as large conglomerates: Line, the Korea Teachers’ Credit Union, Woongjin, Shielders, Daemyung Chemical, Toss, Kolmar Korea, Heesung, Orion, QCP Group and Iljin Global. Including the newly designated groups, the total number of large conglomerates in South Korea is 102.
At the briefings, the commission will also explain obligations related to status disclosures, disclosures of large internal transactions, and disclosures of key matters for unlisted companies, reflecting cases in which the controlling person of some groups has changed to a natural person.
It will provide additional guidance tied to this year’s group designations and set aside time for questions and answers, offering company-specific assistance.
The commission said it will continue outreach online. In the first half of the year, it plans to produce explanatory videos on large internal transactions, key matters for unlisted companies and group status disclosures, and release them on its official YouTube channel. In the second half, it plans to hold “on-site disclosure briefings” for conglomerates based outside the capital region.
* This article has been translated by AI.
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