Key facts
- Antitrust chief Joo Byung-ki seeks fines of 1% of total revenue for obstructing investigations.
- Existing laws have limitations, with the Act on Fair Transactions in Large Retail Business providing only administrative fines.
- A recent dispute with e-commerce giant Coupang highlighted the need for stronger penalties.
SEOUL, Oct. 25 (Yonhap) -- South Korea's antitrust chief on Sunday called for tougher financial penalties against companies that refuse to cooperate with investigations, following a recent dispute involving e-commerce giant Coupang. Joo Byung-ki, chair of the Fair Trade Commission (FTC), said imposing fines equivalent to 1 percent of a company's total revenue for obstructing investigations would strengthen the watchdog's enforcement powers. Joo said the FTC's existing investigative authority was largely sufficient, but stressed the need for tougher penalties against companies that refuse to cooperate. The legal limitation came to light after the FTC's on-site investigation into Coupang was thwarted in August. A court rejected Coupang's request to suspend the probe last month, prompting the company to appeal. Joo called for legal revisions to allow heavier financial penalties and enforcement fines in such cases.