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Korea’s Hanjin Group charged of favoritism for owner businesses

Collected: 2016.05.30

Distributed: 2016.05.31

Source: Go Direct

Hanjin Group will likely become the next conglomerate after Hyundai Group to receive punitive action from Korea’s antitrust agency for favoritism by funneling and securing steady workload for units wholly owned by founding family members.

Fair Trade Commission (FTC) Chairman Jeong Jae-chan in a recent press conference said his agency was reviewing unfair business practice of Hanjin Group and will deliver punitive action within the first half.

UniConverse Co. was outsourced for the group’s customer call-center service and Cybersky Co. given exclusive right to in-flight duty-free business for Hanjin Group’s Korean Air. Cho and his children owned 100 percent of the two companies. The two earned 29 billion ($24 million) from steady work from KAL.

The chairman and his offspring sold all of their shares in the two companies, but the antitrust watchdog plans to take necessary action if they are found to have illegally given preferential treatments to the companies they fully owned for self-interests.

Jeong also indicated that the FTC review to approve SK Telecom Co.’s acquisition of cable TV content distributor CJ HelloVision Co., would take longer than expected as it is an unprecedented case of a merger between broadcasting and telecommunication companies.

By Na Hyun-joon

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