SK’s allegations of exploitation of private interests… Fair Trade Commission “Corrective order and fine of 1.6 billion won”

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The Fair Trade Commission (FTC) has decided to impose a fine of 1.6 billion won along with an order to correct the allegations of embezzlement of personal interests by SK Group Chairman Chey Tae-won during the acquisition of SK Siltron. SK expressed regret at the Fair Trade Commission decision and said that it would decide on a response policy as soon as it receives a formal resolution.

By Nam Seung-mo, staff reporter.

The crux of this case is that SK, the holding company of the SK Group, acquired only a 70.6% stake in the acquisition of LG Siltron, a semiconductor material company, in 2017, and the remaining 29.4% was purchased by SK Group Chairman Chey Tae-won. It was whether or not

At the time, SK said it was unclear whether the acquisition of Siltron would be a significant profit given the prospects for the semiconductor industry at the time, and asserted that the acquisition of the remaining shares of Chairman Choi was done through open competitive bidding, so there were no problems.

Chairman Choi also personally attended the full committee of the Fair Trade Commission, which is unusual for the head of a company to explain.

However, the Fair Trade Commission judged that SK Corp. gave up the acquisition opportunity without any reasonable reason and supported Chairman Choi to acquire it, even though considerable profits were expected if it directly acquired the remaining 29.4% of Siltron shares.

In addition, SK Corp. was virtually excluded from this decision process, and considering the fact that the size of the profits attributed to Chairman Choi is considerable, it is believed that the unfairness of the profits is recognized.

The value of Chairman Choi’s stock increased by about 196.7 billion won as of the end of last year compared to 2017.

Along with the correction order, the Fair Trade Commission imposed a fine of 1.6 billion won on SK Corporation and 800 million won on Chairman Choi.

SK expressed regret over the decision of the Fair Trade Commission.

After receiving a formal resolution, he said that he would decide whether to file an objection or take legal action after an internal review.

Reference-news.sbs.co.kr

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