Sinokor Merchant Marine violated disclosure obligations 13 times this year, setting the dishonorable record of the most violations among large corporate groups. The size of the fines was also the largest, adding the stigma of being the "corporation with the largest fines."
The Fair Trade Commission said on the 28th that it detected 146 violations by 130 affiliates belonging to 50 disclosure-subject corporate groups and imposed a total of 658.25 million won in fines.
This is the result of checking compliance with the three major disclosure obligations under the Fair Trade Act for 3,301 affiliates and 232 public corporations belonging to 92 disclosure-subject corporate groups designated on May 1, as well as for the same person.
By corporate group, Sinokor Merchant Marine had the most violations with 13, followed by Hankook & Company (8 cases; 29.47 million won), Daekwang (8 cases; 6.49 million won), Eugene (7 cases; 20 million won), and Global SE-A (7 cases; 10.32 million won).
By size of fines, Sinokor Merchant Marine and Hankook & Company ranked first and second, respectively. Samsung had only one violation, but ranked third after being fined 20.22 million won.
The Korea Fair Trade Commission (FTC) said that Hankook & Company Group (28 cases), Taeyoung (24 cases), Sinokor Merchant Marine (21 cases), and Hanwha (13 cases) are among the top four corporate groups that violated disclosure obligations for three consecutive years, adding that it will hold separate briefings for these corporations, strengthen on-site inspections, and raise the penalty weight for habitual violators.
By disclosure system, violations of large-scale internal transaction disclosures totaled 18 cases at 11 companies, resulting in 313 million won in fines; corporate group status disclosures totaled 123 cases at 115 companies, resulting in 323 million won; and important matters disclosures by unlisted companies totaled 5 cases at 4 companies, resulting in 21 million won in fines.