FTC Will Not Delve Into Company’s Involvement in Political Funds

“The Fair Trade Commission will not investigate the illegal political funds provided by conglomerates,” Kang Chul-kyu, Chairman of Fair Trade Commission revealed on December 10.

In an interview at a radio station that day, Chairman Kang said, “The prosecutors are doing a good job in probing into the company’s involvement in illegal political funds, and it is unconventional for FTC to investigate twice into what is already being handled by other institutions (prosecutors).”

He added, “If companies strike a balance in their system according to the government’s market reform plan, problems on illegal fund donations will disappear within three to four years. We will boost transparency of a company by tracing improper internal transactions, restricting illegal cross-subsidiary financing, reinforcing the obligation to disclose, and others.”

In regards to mileage reduction by airlines, he said, “The FTC is examining and preparing actions corresponding to airline companies’ denial of FTC’s order for readjustments.”

Eun-Woo Lee libra@donga.com