Chairman Chey Tae-won: "Fair Trade Commission Sanctions Are Regrettable but There Are Also Parts to Reflect On"

Chairman of the Korea Chamber of Commerce and Industry 2021 Year-End Interview
"Respond to What Needs Responding"

[Asia Economy Reporter Hwang Yoon-joo] Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry, expressed regret but acknowledged the need for reflection regarding the Fair Trade Commission's sanction decision related to the 'SK Siltron Private Interest Abuse Allegation' case.

In a year-end interview with reporters held on the 22nd at the Chamber of Commerce building in Jung-gu, Seoul, Chairman Choi said, "It is a disappointing decision for us, but I believe things do not always go as one wishes."

When asked about his stance on the FTC's sanctions in the SK Siltron case, he stated, "I think it is time to consider the necessary measures and situations. We will reflect on what needs reflection, correct what needs correction, and respond where necessary."

Meanwhile, the FTC concluded that Chairman Choi's acquisition of a 29.4% stake in SK Siltron in 2017 deprived SK Inc. of business opportunities, and imposed fines of 800 million KRW each on SK Inc., the business opportunity provider, and Chairman Choi.

In response, SK Group's holding company, SK Inc., immediately issued a statement saying, "We regret the sanction decision, which is difficult to accept." They emphasized, "During the plenary meeting on the 15th, SK Inc. had secured sufficient shares to meet the special resolution requirements and did not acquire additional remaining shares of SK Siltron. Opinions that this cannot be definitively regarded as 'providing business opportunities' were not properly reflected in the decision process, which is regrettable."

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