Fair Trade Commission Conducts On-Site Investigation of Hyosung Group... Regarding Allegations of Unfair Support
[Asia Economy Reporter Joo Sang-don] The Fair Trade Commission conducted an on-site investigation of the Hyosung Group. Hyosung is reportedly suspected of unfairly supporting affiliates with high ownership stakes held by the controlling family.
According to industry sources on the 13th, the Fair Trade Commission's Corporate Group Division sent about 20 personnel to Hyosung Group to carry out the on-site investigation.
It is known that the Fair Trade Commission is investigating whether Hyosung Group excessively funneled economic benefits through internal transactions with Hyosung Heavy Industries.
Previously, the Fair Trade Commission found that Galaxy Electronics (GE), a company effectively owned by Chairman Cho Hyun-joon, was unfairly supported by the group through Hyosung Investment & Development when GE faced management difficulties. The commission imposed a fine of 3 billion KRW and reported Chairman Cho and other Hyosung officials to the prosecution.
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A Fair Trade Commission official stated, "We cannot confirm facts related to specific cases such as whether an investigation is underway."
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