E-Land Group mobilized its affiliates to unfairly support E-Land World, a holding company that is in financial trouble, but was withdrawn from the Fair Trade Commission.
On the 10th, the Fair Trade Commission announced that it had imposed a correction order and a fine of 4,79 million won on E-Land Retail and E-Land World on charges of unfairly supporting E-Land World. The prosecution’s action against Chairman Park Sung-soo was omitted. E-Land Retail unfairly provided 107.1 billion won to E-Land World using three anomalous methods.
In December 2016, E-Land Retail signed a contract to acquire two properties owned by E-Land World for a total of 67 billion won. At this time, a down payment of 56 billion won, or 84% of the sale price, was paid, but after 6 months, the contract was canceled and returned. It was disguised as a normal real estate contract and a huge amount of money was lent free of charge.
E-Land Retail transferred SPAO, a promising clothing brand, to E-Land World in July 2014. The transfer price of 51.1 billion won was to be repaid in installments over three years, but in the process, no delayed interest was received. E-Land Retail also paid 185 million won for E-Land World CEO’s labor cost from 2013 to 2016.
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[ⓒ 매일경제 & mk.co.kr, 무단전재 및 재배포 금지]
