FTC-imposed fines shrink in 2013 despite growing number of penalties
Published : 2014-04-17 20:53
Updated : 2014-04-17 20:53
The total amount of fines imposed by South Korea’s corporate watchdog shrank from a year earlier in 2013 despite a rise in the number of cases involved, a report showed Thursday.
According to an annual statistical report from the Fair Trade Commission, the number of cases that resulted in fines reached 90 last year, up 8.4 percent from the previous year.
The amount of the fines imposed, however, was 18.1 percent lower at 418.4 billion won ($403.3 million), from 511 billion won in 2012.
The commission said fewer companies were levied fines, although the average amount of the imposed penalties increased. Compared with 175 firms penalized with fines in 2012, there were 233 in 2013, according to the commission. The average amount of the fines increased 9.1 percent to 2.4 billion won.
The report showed the total number of cases investigated by the FTC also plunged 22 percent on-year to 3,434. (Yonhap)