FTC fined Hyundai Kepico KRW 54 million for 'violating the obligation to issue a document'

Hyundai Kepico, which violated its obligation to issue documents by signing subcontracts with subcontractors, will be sanctioned by the Fair Trade Commission.

The FTC said it will impose a fine of 54 million won along with a corrective order for Hyundai Kepico's violations of the subcontracting law.

The FTC explained that Hyundai Kepico signed consignment transactions with 13 suppliers, including manufacturing back 10 molds, from May 2020 to May 2023, giving subcontracts without delivery prices or issuing contracts after working hours.

It also added that 16 subcontractors were paid more than 60 days from the date of receipt of the object and did not pay about 248 million won in delayed interest on the excess period.

The FTC imposed orders to prevent recurrence and fines for violations of the obligation to issue subcontract documents, and warned against the completion of voluntary correction for delayed interest non-payment.