The FTC's first subcommittee voted for corrective action and a fine of 1 million won for violating Korea & Company's holding company conduct restrictions.
General holding company Korea & Company held 4,4452 shares of Yuanta Securities Co., a local company operating in the financial industry from April 2, 2021 to August 18, 2023.
This was acquired in 1999 by Atras BX, a subsidiary of Korea & Company, and became owned by Korea & Company when Atras BX was merged in April 2021.
The Fair Trade Act prohibits general holding companies from holding financial and insurance stocks and provides a two-year grace period for financial and insurance stocks held before the transition to a holding company, but Korea & Company was converted to a holding company in July 2013 and is not eligible.
In response, the Fair Trade Commission imposed corrective measures on Korea & Company for violating the Fair Trade Act's restriction on conduct of holding companies and others, and imposed fines by applying an 8% imposition standard rate, which is a "serious violation."
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