Chaebols to unsettle fines for unfair trade practices

It has been asserted that Chaebols ranked in the top 30 are delaying the payment of approximately 121.8 billion won in fines imposed for unfair trade practices by the Fair Trade Commission. Millennium Democratic Party representative Lee Hoon-Pyung of the National Assembly¡¯s National Policy Committee revealed that based on the audit and inspection material submitted by the Fair Trade Commission on Monday, the total fines imposed on Chaebol groups from 1998 to August this year totals 243.7 billion won.

However, representative Lee asserted that Chaebol groups ranked in the top 30 have not settled 49.9% of the total fines, which corresponds to 121.8 billion won, by filing petitions with courts for a stay (51 cases for 84.5 billion won) and deliberation (18 cases for 37.3 billion won). Representative Lee pointed out that Chaebol groups are taking advantage of the extra time given until the finalization of the court hearing on their petitions. Rep. Lee further asserted that out of Chaebol groups in the top 30, Hyundai, Samsung, Daewoo (included in the top five until 1998), LG, and SK, the so-called ¡°big five,¡± account for 83% of the total fines and 58% of their dues are still in arrears.