Big Five chaebols slapped with Big Fines

The five largest chaebols (family concerns) in South Korea have had swingeing fines levied on them by the government’s Fair Trade Commission (FTC). The fines were levied because of illegal intersubsidiary trading, according to English language newspaper The Korea Herald. Hyundai came off worst, with a fine of 9.1 billion won, Samsung was fined three billion won, Daewoo 4.5 billion won, LG 2.2 billion won and SK was fined 3.7 billion won. According to a report from the FTC, 33 subsidiaries of the five groups were involved in illegal deals. Earlier this year, the FTC fined the big five 72.2 billion won. ®