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Antitrust chief calls for measures to protect smaller firms
By YonhapPublished : Dec. 31, 2018 - 20:59
Kim Sang-jo, the chairman of the Fair Trade Commission, did not elaborate on what actions he planned to take, although the watchdog has consistently warned that big retailers would pay punitive damages of up to three times the losses incurred by smaller partners in cases of illegal business practices.
These include rejections and returns without legitimate reasons.
Kim also called on officials to make their utmost efforts to root out a practice in which big companies misappropriate and use the technology and know-how of smaller firms.
South Korea has been trying to level the playing field for small and medium enterprises in a country where family-controlled conglomerates have dominated the economy for decades.
Kim said the watchdog will pursue its oversight policy on conglomerates in a way that is predictable and sustainable. (Yonhap)
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