BUSINESS

Corporate watchdog lunches probe into Hite Jinro for investigation obstruction

By Yonhap
  • Published : Sept 20, 2017 - 14:54
  • Updated : Sept 20, 2017 - 14:54
South Korea's corporate watchdog has launched an investigation into Hite Jinro Co., one of the country's largest distillers, for obstructing an investigation, industry sources said Wednesday.

Officials from the Fair Trade Commission had previously conducted an on-site inspection into Hite Jinro's alleged violations of local fair trade law in April this year, according to the sources.

At the time, some company employees disrupted the FTC's enforcement, they noted.
 
(Yonhap)

The FTC has been looking into allegations that the company gave illegal business favors to Seoyoung E&T Co., an industrial container manufacturer run by Hite Jinro's owner and his son.

The watchdog has stressed that it will take a firm stance on future instances of probe obstruction and refusal to submit related evidence.

Earlier this year, Hyundai Steel Co., the country's second-biggest steelmaker by sales, was fined 312 million won ($275,600) for hampering an investigation. (Yonhap)