Summarized prosecution of Mirae Asset affiliates for ‘unfair support for the golf course of the head family’
Mirae Asset affiliates, which have been under investigation by the prosecution for unfairly supporting a company run by the family of the Mirae Asset Group, have been indicted.
The Fair Trade Investigation Department of the Seoul Central District Prosecutors’ Office announced that it had indicted Mirae Asset Asset Management and Mirae Asset Life Insurance Corporation with a fine of 30 million won each for violating the Monopoly Regulation and Fair Trade Act (Fair Trade Act).
From January 2015 to December 2016, the two companies made a total of 24 billion won in transactions with the principle of using a golf course operated by Mirae Asset Consulting, in which the head family including Chairman Park Hyeon-joo of Mirae Asset Group owns a 91.86% stake. are being charged.
According to the prosecution, the amount of transactions between the two affiliates with the family company for two years accounted for about 72% of the golf course sales.
In May of last year, the Fair Trade Commission, which discovered this, decided to impose a correction order and fines of KRW 604 million for Mirae Asset Asset Management and KRW 566 million for Mirae Asset Life Insurance.
Then, in August of this year, at the request of the Minister of SMEs and Startups, the prosecution filed a complaint.
According to the Fair Trade Act, when a corporate group subject to disclosure transacts with a related person or an affiliate that holds a certain percentage of stock, it is forbidden to trade on a substantial scale without reasonable consideration or comparison with other business operators.
Prosecutors said, “This is the first case of prosecution by applying the provisions alone.” “After the incident, the two companies established and operated transaction-related guidelines, and Mirae Asset Consulting, a support object, failed to gain active profits due to operating losses. was considered,” he explained, explaining the purpose of the summary prosecution.
A Mirae Asset official said, “The Ministry of SMEs and Startups has requested a prosecution for the case in which the Fair Trade Commission decided not to file a criminal complaint.