Photo = Yonhap News
“The Fair Trade Commission’s investigation into the financial and telecommunication sectors is still in progress. The purpose is to resolve unfair acts or cartel (collusion) by promptly investigating if there is any suspicion.”
Cho Hong-seon, vice chairman of the Fair Trade Commission, met with reporters at the Fair Trade Commission press room at the Government Complex Sejong on the morning of the 12th and spoke about the investigation into the financial and telecommunications industries.
Vice-Chairman Cho emphasized, “As the investigation and policy functions were separated in accordance with criticism that the FTC’s case handling period was delayed, we expect that we will be able to produce results faster than before if the investigation is conducted faithfully in accordance with legal procedures.”
The Fair Trade Commission is currently investigating allegations of collusion in government bond bids by major banks and securities companies, collusion in loan interest rates and fees, and allegations of collusion in handset subsidies by mobile carriers.
Regarding the investigation into allegations of false advertising in the private education industry, Vice Chairman Cho said, “Basically, investigations related to advertisements and other related cases may not take long.” will proceed,” he said.
Previously, on the 7th, the Ministry of Education requested an investigation by handing over 14 additional cases received through the private education cartel and irregularity reporting center to the Fair Trade Commission. There are 9 cases of ‘private education cartel’ and 5 cases of ‘absurdity’ such as false and exaggerated advertising. If you add up the 10 that were handed over to the Fair Trade Commission on the 3rd, the total is 24.
Among the nine matters classified as a “private education cartel” among the issues requested for investigation by the Fair Trade Commission, “academies, instructors, and mock test companies that require students to purchase tuition fees, academies, instructor textbooks, mock tests, and notebooks in a bundle” are included.
Regarding the fact that the Ministry of Agriculture, Food and Rural Affairs held a meeting with 10 dairy companies, including Seoul Milk and Maeil Milk, and asked them to refrain from raising prices of dairy products, “The FTC cannot intervene artificially in the price, so there is no movement from the FTC’s standpoint in the current situation. “However, if cartels or companies say that they are acting against the market economy, we have no choice but to investigate,” he said.
He added that he is always watching issues related to fair trade in areas closely related to people’s lives and intermediary goods, and if there are any clues, he will investigate them.
Cho, who was appointed on the 6th, served as the first investigation manager after the reorganization of the FTC’s investigation and policy separation organization in April of this year, and has led major cases such as investigations into collusion in banks, securities, and telecommunications companies. Even within the Fair Trade Commission, it is classified as a ‘investigator’ with strength in case investigation.
Reporter Information Choi Ye-ji ruizhi@ajunews.com
©’Global Economy Newspaper in 5 languages’ Ajou Economy. Unauthorized reproduction and redistribution prohibited
