Fair Trade Commission Wins Against 'Mirae Asset' at High Court... "Judgment on Preferential Treatment of Internal Transactions is Justified"

The Fair Trade Commission announced on the 11th that it won the lawsuit filed by Mirae Asset seeking to cancel the corrective order.

According to the Fair Trade Commission, on the 5th, the Seoul High Court ruled in favor of the Fair Trade Commission in the lawsuit filed by 'Mirae Asset' seeking to cancel the Fair Trade Commission's corrective order and fine payment order.

In September 2020, the Fair Trade Commission imposed a corrective order and a fine of 4.39 billion KRW on the Mirae Asset Group, which funneled work to unlisted companies effectively controlled by the family of the group head through its affiliates.

According to the Fair Trade Commission, 11 affiliates of Mirae Asset, including Mirae Asset Global Investments and Mirae Asset Daewoo, were required from 2015 to 2017 to use the golf course 'Blue Mountain CC' and the Four Seasons Hotel operated by Mirae Asset Consulting for client entertainment, events, and training. The amount of such internal transactions reached 43 billion KRW.

Mirae Asset filed a lawsuit on December 11, 2020, at the Seoul High Court to cancel the disposition, objecting to this action. However, the Seoul High Court ruled that the plaintiffs conducted transactions of considerable scale with the golf course and hotel operated by Mirae Asset Consulting without reasonable consideration or comparison, thereby conferring unfair benefits to the family of the group head, and judged that the Fair Trade Commission's disposition was lawful.

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