South Korea antitrust chief urges harsher fines for firms blocking investigations

In Seoul, Joo Byung-ki, chair of the Fair Trade Commission, called for a revision of South Korea's antitrust penalties, proposing fines of up to one percent of a company's total revenue for obstructing investigations. He argued that this would strengthen the agency's enforcement power while its investigative authority is already adequate. The demand follows an August on-site inspection of e-commerce giant Coupang that was thwarted, leading the FTC to obtain a court order that was later rejected, prompting Coupang to appeal.

Existing statutes, such as the Act on Fair Transactions in Large Retail Business, limit penalties for obstruction to administrative fines, exposing a legal gap. Joo urged lawmakers to amend the law to permit heavier financial sanctions and enforcement fines in similar cases. The proposal aims to deter non-cooperation and improve consumer protection in the market.