President Lee Jae-myung warned on Wednesday that illegal corporate practices such as collusion will face severe sanctions without exception, and companies will be forced to return more than the illicit gains they obtained.
"There will be severe sanctions without exception for illegal activities, and companies will have to return more than the unjust profits gained through illegal means," Lee said in a post on X (formerly Twitter), sharing a Seoul Economic Daily article titled "Collude and Face Ruin... FTC Fines Jumping 20-Fold Become Variable Shaking Corporate Management."
The article reported that the Fair Trade Commission has decided to significantly increase the base rate for imposing fines.
"Corporate management must be conducted properly," the president said. "If companies do not engage in illegal activities like collusion that harm citizens and disrupt economic order, nothing will happen."
Lee has previously criticized what he called "deeply rooted anti-market collusion practices across the economy and industry," describing them as "a cancerous presence blocking national economic development." His latest remarks signal his determination to root out such practices, using the FTC's increased penalties as a catalyst.
