Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI) and SK Group, speaks at a press conference held during the KCCI Jeju Forum at the Shilla Hotel Jeju on the 19th. (Photo courtesy of KCCI)

 

 

[Alpha Biz= Kim Sangjin] SK Group Chairman Chey Tae-won received a warning from the authorities for failing to submit required documents related to the corporate group designation, a violation of the Fair Trade Act. This is the second consecutive year he has faced such a warning, after previously being reprimanded for omitting documents in 2021, which resulted in a warning for leaving out four subsidiaries.

According to the authorities, the Fair Trade Commission's first committee issued a warning in November of last year for Chairman Chey’s submission of false documents. From 2020 to 2023, while submitting documents for the designation of mutual investment-restricted groups under the Fair Trade Act, Chey omitted three subsidiaries and one non-profit organization.

The omitted companies include Haengbokdamun Nomo in 2020, Haengbokdamun Nomo, Chaeum F&B, and Haengbokdosirak in 2021, and the non-profit organization SK ONS Welfare Fund in 2023. These omissions were considered significant under the Fair Trade Act's requirements for corporate group designation.

Despite the omissions, the Fair Trade Commission concluded that Chairman Chey likely did not intentionally fail to submit the documents, as there was no apparent benefit from omitting these subsidiaries. However, the commission deemed the violations significant due to their occurrence over a period of more than three years. The warning was issued considering Chey’s cooperation with the investigation after he voluntarily reported the omissions and the fact that the omitted companies had limited direct involvement with SK Group.

In 2023, Chey had previously received a warning for omissions related to companies such as Kin & Partners, Place for, Dorel, and The System Lab Architects.

 

 

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