Probe targets internal transactions

The Fair Trade Commission (FTC) will launch a comprehensive investigation to uncover illegal internal transactions made by venture firms and large companies.

FTC Commissioner Jeon Yoon-Chul announced the investigation plans in a press conference held at a top management summer seminar organized by the Federation of Korean Industries at Cheju. Once probes into the top 4 conglomerates are completed, the investigation will move on to venture firms and separated companies. The probes are aimed at uncovering fake affiliates held by large companies and determining if they are being used to pass on illegal inheritances.

Touching on allegations in connection with the e-business of Lee Jae-Yong, the son of Samsung`s Lee Kun-Hee, Commissioner Jeon remarked that his business could also be included in the probes after the investigations into venture firms are completed.