Fair Trade Commission: "Baramil Good Life Violates Advance Payment 50% Compensation Obligation Again... CEO Reported to Prosecutors"

[Sejong=Asia Economy Reporter Joo Sang-don] The funeral service company Baramil Good Life has been sanctioned by the Fair Trade Commission for violating the obligation to preserve advance payments.

On the 13th, the Fair Trade Commission announced that it imposed a compliance order and a future prohibition order on Baramil Good Life for failing to preserve advance payments and submitting false related documents, and decided to prosecute the corporation and its CEO to the prosecution.

According to the Fair Trade Commission, Baramil Good Life continued its business while preserving 315.62 million KRW, which is 32.4% of the total 973.29 million KRW in advance payments received from consumers related to 512 prepaid funeral service contracts, in the deposit bank. Operating without preserving 50% of the advance payments received from consumers for prepaid funeral service contracts is a prohibited act under the Installment Transactions Act.

In addition, Baramil Good Life did not submit subscriber information and advance payment details for 4 prepaid funeral service contracts to the bank with which the deposit contract was concluded, and partially omitted subscriber-specific advance payment details for 508 prepaid installment contracts when submitting the documents.

A Fair Trade Commission official said, "We resolved to order Baramil Good Life to immediately deposit half of the advance payments and submit truthful documents, and instructed them not to repeat this in the future," adding, "Considering that they repeatedly violated legal obligations causing significant consumer damage despite previous corrective orders, we decided to prosecute the corporation and its CEO to the prosecution."

This content was produced with the assistance of AI translation services.