Fair Trade Commission Launches 'LTV Collusion Reinvestigation', Conducts On-Site Inspections at Kookmin and Hana Banks
The Fair Trade Commission is conducting on-site investigations at KB Kookmin Bank and Hana Bank as part of a reinvestigation into allegations of collusion on loan-to-value (LTV) ratios among the Big 4 commercial banks.
According to industry sources on the 17th, the Fair Trade Commission sent investigators to the headquarters of the two banks to carry out on-site inspections. The commission had conducted on-site investigations at Shinhan Bank and Woori Bank since the 10th.
The on-site investigation on this day is reportedly aimed at the reinvestigation related to the "Unfair Joint Conduct of the Four Major Commercial Banks," for which the commission ordered a retrial last November.
The Fair Trade Commission believes that these four major banks violated Article 40 (Prohibition of Unfair Joint Conduct) of the Monopoly Regulation and Fair Trade Act by sharing information related to real estate LTV and engaging in illegal collusion.
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During this on-site investigation, the commission is expected to secure evidence proving the exchange of LTV information and that such information-sharing collusion led to restrictions on competition.
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