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[세종=이데일리 김상윤 기자] The Fair Trade Commission has initiated a sanctions procedure for unfair internal transactions of Samsung Group. Upon receiving an objection from Samsung, it plans to hold a plenary meeting (trial) as early as next month to determine the level of sanctions.
According to the FTC and industry on the 2nd, the FTC’s Corporate Group Bureau (prosecutor’s office) sent an examination report containing the results of the investigation last week to Samsung affiliates, including Samsung Welstory. It is reported that the FTC contained the opinion that the support object, Wellstory, and the affiliates, which are the subject of support, should be accused.
Since July 2018, the FTC’s Corporate Group Bureau has been investigating the allegations of unfair support for Samsung Welstory by affiliates such as Samsung Electronics, Samsung C&T, and Samsung Heavy Industries. At that time, Prime Minister Lee Nak-yeon pointed out the problem of large corporations encroaching on the food service market, and this is the case that the Fair Trade Commissioner Kim Sang-jo looked deeply into.
As of 2017, Welstory generated 39.1% (709.6 billion won) of sales (1,811.4 billion won) through internal transactions between affiliates. The FTC judges that most of the profits are raised through private contracts rather than competitive bidding, and there are high charges of unfair support.
Welstory is a wholly owned subsidiary of Samsung C&T, and Welstory’s dividend goes to Samsung C&T’s major shareholder, the total number of households. Welstory’s dividends in 2017 and 2018 were 93 billion won and 50 billion won, respectively.
In order for the FTC to sanction allegations of unfair support, Samsung affiliates must prove whether or not they received meals from Welstory at a price higher than the normal price. The FTC has calculated the arm’s length price by comparing the food service transactions of LG and SK Groups.
An official from the FTC said, “It is difficult to comment on the case.”