‘SK Siltron Private Interest Abuse Allegation’ Chey Tae-won and SK Win Lawsuit Against Fair Trade Commission Sanctions

SK Group Chairman Chey Tae-won and SK Inc. filed a lawsuit challenging the Fair Trade Commission's sanctions over the 'SK Siltron Private Interest Appropriation Allegation' and won the case.

The Seoul High Court Administrative Division 6-2 (Presiding Judges Wi Gwang-ha, Hong Seong-wook, Hwang Ui-dong) ruled on the 24th to cancel both the corrective order and the fine imposed on Chairman Chey and SK in the lawsuit against the Fair Trade Commission.

In January 2017, SK Inc. acquired a 51% stake in SK Siltron, a semiconductor wafer manufacturing company (then LG Siltron). Later in April of the same year, SK Inc. purchased only 19.6% of the remaining 49% stake, while Chairman Chey acquired the remaining 29.4%, which became the issue.

The Fair Trade Commission judged that SK Inc. had transferred a 'business opportunity that could bring considerable profit' to Chairman Chey. SK denied the allegations of illegality, stating, "SK Inc.'s decision not to acquire the remaining shares was a rational business judgment, and Chairman Chey's acquisition of the remaining shares was conducted transparently through a public bidding process involving overseas companies." In December 2021, the Fair Trade Commission imposed fines of 800 million KRW each and corrective orders on Chairman Chey and SK.

Regarding the SK Siltron private interest appropriation allegation, the police also launched an investigation but decided not to prosecute Chairman Chey in May 2022 due to lack of prosecutorial jurisdiction.

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