The number of business group affiliates subject to restrictions on mutual investments and loan guarantees declined in December from a month earlier, the antitrust watchdog said Monday.

The Fair Trade Commission (FTC) said the number on the watch list stood at 1,675 from 63 business groups as of Monday, down 9 from the previous month.

Sixteen firms including four Hyundai Motor affiliates were taken off the list following a stake sale or a merger, while seven were newly added, the watchdog said.

Under South Korea's fair trade law, affiliates of large business groups with assets of 5 trillion won (US$4.5 billion) or more are restricted from making equity investments or offering loan guarantees to one another. (Yonhap)