In 37 large corporate groups, imposed a penalty of 1.3 billion won by the Fair Trade Commission for violating disclosure obligations

Violation of disclosure obligations in 37 large corporate groups… The Fair Trade Commission imposed a fine of 1.3 billion won
Lots of violations such as Lotte, Taeyoung, E-Land, and Harim

(Sejong = Yonhap News) Reporter Su-yeon Sue = More than half of large business groups have been fined 1.3 billion won for violating the disclosure obligations stipulated by the Fair Trade Act.
By business group, Lotte, Taeyoung, Eland, Harim[136480] The number of violations was highest in order.
The Fair Trade Commission announced on the 27th that it has imposed a fine of 1.3.987 million won on 108 companies (a total of 156 cases) of 37 business groups that did not properly fulfill important disclosure obligations such as large-scale internal transactions.
For 2,284 companies belonging to the 64 disclosure target business groups, the FTC evaluated whether to implement three disclosures, including the resolution of the board of directors for large-scale internal transactions, the status of business groups, and important matters for unlisted companies.
As a result, 108 companies belonging to 37 business groups were found to have violated 156 disclosure obligations, and a total of 1.3986 million won was imposed as a fine.
By group, Lotte (20 cases, 79 million won), Taeyoung (19 cases, 244 million won), E-Land (13 cases, 180 million won), Harim (11 cases, 342 million won) There were many violations on the back.
By disclosure, there were 47 violations of disclosure related to large-scale internal transactions. There were many violations of disclosures related to financial and asset transactions, such as borrowing or providing collateral with affiliates.
Representatively, Yeji Industries, a member of E-Land, borrowed 970 million won from E-Land Park last year, and did not go through a resolution of the board of directors and did not disclose.
There were 78 violations of the disclosure of corporate group status and 31 violations of the disclosure of important matters for unlisted companies.
Of the 78 violations of corporate group status disclosure violations, 31 violations such as the board of directors related to corporate governance accounted for 39.7%.
The Fair Commission explained that many of the violations related to the operation of the board were disclosed by false or delayed or omitted the number of committees, board agendas, and outside director attendance. In addition, violations of disclosure regarding the status of product and service transactions, status of executives, and stock ownership of affiliates were confirmed.
In addition, of the 78 violations of corporate group status disclosure, 52 cases that did not disclose or delayed disclosure over the deadline accounted for 66.7%. Of these, five violations were disclosed by not making the disclosure itself or delaying the entire disclosure.
The disclosure of important matters by unlisted companies was 48.4% of the 31 violations, with 15 violations of executive change, which were related to ownership and governance. Of the 31 cases, 5 were undisclosed, and the rest were delayed.
The FTC said, “There are a number of cases of undecided, unannounced, and long-term delayed disclosures that are difficult to regard as a simple mistake, so we will strengthen education and guidance and reinforce implementation checks.”

The Fair Trade Commission also disclosed the transaction details of brand (trademark rights) usage fees of 64 companies subject to disclosure.
As a result of the analysis, last year 42 business groups paid for and used the brand, and the transaction amount reached 1.4 trillion won.
In particular, the proportion of paid use of trademark rights was high in the corporate group with the total number. The proportion of the group without the total number of trademark rights paid for use was only 33.3%, but the group with the total number reached 70.9%.
If the ratio of imports of trademark rights to sales was 0.02%, the total number was 0.28%.
The Fair Trade Commission said, “With the revision of the Fair Trade Act, if the total number of listed and unlisted companies is more than 20%, they are subject to the regulation of private interests.
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