Published : 2013-10-02 10:11
Updated : 2013-10-02 10:11
The Fair Trade Commission said Tuesday that POSCO was found to have rigged its performance on “fair trade” deals with subcontractors.
The steelmaker was found to have submitted a fabricated report on the deals to the FTC in an alleged to bid to attain a higher score in the assessment on the “shared growth with suppliers” by the Commission of Shared Growth for Large and Small Companies.
The antitrust regulator also said POSCO’s PR contents on the fair trade deals posted on its website were insincere and forged.
As a regulatory sanction, the FTC said it would call on the commission of shared growth to deprive the steelmaker of its status as one of the few excellent companies in implementing the fair trade deals.
In May 2012, POSCO and five others were garnered the highest score of “excellence” among 56 major enterprises.