Kumho Petrochemical chief referred to prosecution for omitting 4 affiliates from antitrust list

• Published date: 08 March 2023
• Publication title: The Korea Times

The country's antitrust watchdog decided to refer Park Chan-koo, chairman of Kumho Petrochemical, to the prosecution for omitting four companies from a list of the firm's affiliates and subsidiaries owned by him and his family members, according to the Fair Trade Commission (FTC), Wednesday.

The FTC receives the lists from conglomerates every year to check the current status of their affiliates, relatives and executives, shareholders of affiliates and audit reports. According to the FTC, Park, who is the head of Kumho Petrochemical, submitted an antitrust list to the FTC that omitted four companies in which his brother-in-law's family owned 100 percent of the shares between 2018 and 2021.

"The purpose and foundation have been undermined by the false submission of relevant materials, and the seriousness of the act is deemed significant," the FTC said. "Without valid reasons, the antitrust list was falsely submitted by omitting four affiliated companies."

The four companies left off the antitrust list were Jino Motors, Jino Trading, Jungjun Logistics and JS Pacific. Jino Motors and Jino Trading are owned by the chairman's first brother-in-law, whose family owns 100 percent of their shares. The FTC believes that Park intentionally omitted them from the list.

Jungjun...