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Chaebol's split affiliates to be required to report transactions
By YonhapPublished : Oct. 10, 2017 - 15:33
The antitrust regulator said Tuesday it will require split affiliates of family-run business conglomerates, or "chaebol," to report their transactions with parent group affiliates from December.
The Korea Fair Trade Commission said that if unfair transactions with parent groups are found among affiliates, it can seek to cancel the split.
The watchdog, however, said that while it will keep closer tabs on certain activities, affiliates of chaebol that have effectively splintered off from their parent groups will no longer be considered part of the parent conglomerate and will be given more leeway and less oversight.
The Korea Fair Trade Commission said that if unfair transactions with parent groups are found among affiliates, it can seek to cancel the split.
The watchdog, however, said that while it will keep closer tabs on certain activities, affiliates of chaebol that have effectively splintered off from their parent groups will no longer be considered part of the parent conglomerate and will be given more leeway and less oversight.
Under the current law, an affiliate can be split from its parent group if the family owns less than a certain percentage of the stakes.
The latest step comes as the Chaebol have been under fire for their so-called inter-affiliate trading.
The government has been stepping up its surveillance of large conglomerates on the suspicion that they have been granting unfair favors to affiliates in bids and other business transactions.
These practices are seen as a means for chaebol owners to transfer their wealth to their offspring and have been cited for stifling fair competition and the growth of other small and medium enterprises. (Yonhap)
