President Lee Jae Myung takes a have a look at his watch after receiving a coverage briefing by the Honest Commerce Fee at Authorities Complicated Seoul, Friday. Yonhap
President Lee Jae Myung on Friday ordered the antitrust watchdog to “drastically enhance” its workforce in order that the authority can higher regulate market-disturbing firms with stricter fines and penalties.
In a coverage briefing by the Honest Commerce Fee (FTC), Lee urged the watchdog to extend its workforce by round 500 individuals and impose harsher fines on companies that interact in any unfair inside transactions or different undue enterprise practices. The FTC had beforehand determined to extend its workforce by 167 positions in 2026.
“The essential process of the FTC is to dam the economically weak from struggling any unfair harm,” Lee mentioned through the briefing.
He additionally conveyed his stern regulatory stance towards massive companies that stop their subcontractors from securing provide offers with different firms.
“The watchdog ought to defend the weak, and by no means present any unfair favor to the sturdy,” Lee mentioned.
He went on to step up rhetoric vital of huge companies, saying that “imposing big fines with a big workforce” shall be very efficient in reducing any unfair lobbying acts from firms.
“The FTC ought to impose large-scale fines and enhance the variety of investigating staff by a big margin,” Lee mentioned.
He additionally requested for the FTC to provide you with coverage measures to impose financial punishment on any companies that don’t abide by the watchdog’s investigations.
FTC Chairman Ju Biung-ghi additionally just lately reiterated his willingness to shift the watchdog’s punishment-focused regulation to financial sanctions consistent with Lee’s regulatory stance.
