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Agency fines Shinsegae for not reporting owner’s shares

Mar 07,2017
The country’s antitrust watchdog on Monday imposed a combined 58 million won ($50,000) fine on three affiliates of retail giant Shinsegae Group for regulatory filing violations.

Shinsegae, Shinsegae Food and E-Mart were penalized for not properly reporting group owner Lee Myung-hee’s shares to authorities, the Fair Trade Commission said. Lee had held less than a 1 percent stake in each of the three companies under the name of company officials until 2015.

The business group posted the information related to shares held by the officials. The Fair Trade Commission also issued a warning to Lee for submitting false documents to the companies and violating disclosure rules.

Under Korean law, all managerial matters including stock ownership and appointments of executives and board members are subject to mandatory disclosure. YONHAP