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FTC to File Complaint Against Hanjin Group Chief

Write: 2018-08-13 13:55:09Update: 2018-08-13 14:26:20

FTC to File Complaint Against Hanjin Group Chief

Photo : KBS News

The Fair Trade Commission(FTC) says it will file a complaint against Hanjin Group Chairman Cho Yang-ho with the prosecution over alleged violations of the commission’s regulations.  

According to the commission on Monday, Cho is suspected of failing to declare as subsidiaries four firms whose shares are mostly owned by his brother-in-law and other relatives. 

Cho also faces allegations of purposely leaving out 62 of his relatives from a document listing his specially-affiliated shareholders subject to a string of regulations.

Under the nation’s Fair Trade Act, companies whose shares of 30 percent or more are held by a conglomerate head or his or her relative is regarded to be a subsidiary of that conglomerate and must be declared to the FTC.

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