South Korea’s corporate watchdog chief said Monday, November 26, that the revision to the fair trade law is very important for the impartial implementation of the country’s antitrust rules.
“The revision is very important in that it would determine the implementation of the country’s competition law,” Kim Sang-jo, the chief of the Korean Fair Trade Commission (KFTC), said in a forum.
The KFTC chief, however, said it would be very tough for the revision to be ratified by the parliament as there are still huge differences of opinions.
In August, the KFTC proposed the revision of the fair trade law, which will increase the number of conglomerate subsidiaries subject to inter-affiliate trading regulations by threefold.
The revision to the law also bans inter-affiliate trading within a business group whose founding family members hold over 20% stakes in both listed and unlisted companies, and over 50% in their affiliates.