South Korea’s antitrust chief vowed Monday to strengthen the oversight of public companies over their alleged unfair business practices.
Kim Sang-jo, head of South Korea’s Fair Trade Commission (KFTC), also said in a policy debate session in Seoul that the commission will work with relevant ministries to come up with comprehensive measures on subcontractors.
South Korea has been pushing to crack down on unfair business practices and to level the playing field for smaller firms in a country that has been dominated by family-controlled conglomerates, or chaebol, for decades.
The KFTC said some public companies are suspected of having engaged in such unfair business practices as sharply cutting payments to subcontractor.
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