Ju Biung-ghi Chairperson of the Fair Trade Commission said, "Going forward, to eradicate collusion, we plan to pursue institutional reforms such as canceling registrations or suspending business operations for corporations that repeatedly collude."
Chairperson Ju said at the first work report of the latter half of the 22nd National Assembly's National Policy Committee on the 28th, "We are doing our best to strictly crack down on unfair competition in areas closely tied to people's livelihoods to ease the financial burden on ordinary people and stabilize the livelihood economy," adding this remark.
He added, "We will foster a sound innovation ecosystem in the digital market," and said, "We will respond consistently, in accordance with the law and principles, to various unfair practices by domestic and foreign online platforms with monopolistic power."
Chairperson Ju, to root out unfair transaction between large corporations and small and medium-sized enterprises, said, "We are revising laws and regulations from multiple angles so that economically vulnerable parties in subcontracting, franchising, and distribution can receive fair compensation on time," and added, "We are focusing inspections on major unfair practices such as technology theft and nonpayment, and we are responding firmly to illegal acts."
He added, "To create an environment where the so-called gap and eul can grow together, we plan to shorten settlement deadlines for suppliers to large-scale retailers, and to push institutional improvements so that small and medium-sized enterprises and small merchants can unite to conduct collective bargaining with large corporations."
Regarding regulation of large corporate groups, he said, "We will thoroughly monitor foul play such as unfair intra-group transactions and acts of private interest appropriation," and added, "We will also actively promote institutional improvements to strengthen the effectiveness of policies for large corporate groups, such as preventing evasion of regulations on private interest appropriation and reducing incentives for duplicate listings within holding company structures."