Photo = Fair Trade Commission

 

[Alpha Biz= Reporter Kim Jisun] The Korea Fair Trade Commission (KFTC) has imposed a corrective order and a fine of 430 million won on Celltrion, a pharmaceutical manufacturing and sales company, for improper profit transfer to its affiliates.

According to the KFTC, Celltrion provided improper benefits worth 1.2 billion won to its affiliates, including free storage of pharmaceutical products and the use of trademarks at no charge, from 2016 onward, through companies controlled by CEO Seo Jeong-ju, who holds 70-90% of the shares in these affiliates.

The KFTC concluded that such actions constituted the illegal transfer of profits to related parties under the Fair Trade Act and decided to impose a fine of 430.5 million won along with the corrective order.

 

 

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