Antitrust regulator will prioritize reparations for damages caused to victims of unfair commercial acts

SEJONG, Aug. 16 (Yonhap) — South Korea’s antitrust regulator said Tuesday it plans to focus on how to quickly remedy damages to victims of unfair business conduct, rather than punishing companies, to revise its enforcement procedures.

The Fair Trade Commission (FTC) also said in a policy briefing to Chairman Yoon Suk-yeol that it plans to take tough action against tech giants’ abuse of their dominant market status or collusion. companies to set prices.

The regulator said it plans to promote predictability and transparency in its business investigations and seek “prompt and effective” redress of damages for victims of unfair business activity.

To that end, the FTC said it plans to extend the reduction in fines if the companies under investigation seek to voluntarily repair damages.

The regulator will also notify companies under its probe of the scope of the investigations. When the FTC asks companies under investigation to submit certain documents, they can challenge it if they think the request is too excessive.

Meanwhile, the regulator has pledged to take tough action against business practices that impede market competition.

The FTC is reviewing punitive actions against US chipmaker Broadcom Inc. for its alleged unfair business activity involving South Korean smartphone makers.

The regulator has been investigating allegations that Broadcom violated Korea’s fair trade law by pressuring Samsung Electronics Co. and others to sign exclusive contracts with it to supply communications chips.

He is also investigating whether US tech giant Google has forced mobile gaming apps to only release on its Play Store.

Last week, the FTC said it planned to ease rules on large business groups under its close watch in a bid to ease excessive burdens on them to file details of their business operations. .

Yoon pledged to ease regulations on the business sector in a bid to encourage investment and create more jobs.

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