FTC seeks to extend tracking right Indefinitely

The Fair Trade Commission¡¯s (FTC) right to track the accounts which is to expire in February is likely to be extended indefinitely.

The FTC also seeks to invoke the right to make trace for accounts for investigation of disguisedaffiliates of conglomerates.

An official said on Wednesday that FTC will soon draft a revision bill of the Fair Trade Act to these effects and to submit it to the ongoing regular session of the National Assembly.

FTC chairman Lee Nam-Kee said that the watchdog of conglomerates plans to prolong the right to track the accounts indefinitely in order to root out the inside trading among affiliates of conglomerates whose methods have become more and more intellectual, such as illegal support through offshore fund.

Lee explained that FTC is determined to expand the right to track accounts hitherto limited to the 30 conglomerates to their camouflaged affiliates, thus making it possible to confirm the real shareholders.

The commission also plans to impose 2 million won per day on corporate bodies and 200,000 won per day on individuals in penalties that fail to submit materials even though they are told to do so and reject or obstruct the investigation.