Fair Trade Commission to file a complaint with the prosecution against Kumho Petrochemical Chairman Park Chan-koo for "omission of relatives"
This article is translated by AI company Flitto and Alhpa Biz neural machine translation technology
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stockmk2020@alphabiz.co.kr | 2023-03-09 00:33:08
[Alpha Biz=(Chicago) Reporter Kim Jisun] The Fair Trade Commission said on the 8th that it will file a complaint with the prosecution against Kumho Petrochemical Group Chairman Park Chan-koo on charges of omitting a company owned by his brother-in-law's family from its affiliates.
Chairman Park, the same person of the business group Kumho Petrochemical, was found to have omitted four companies, Geno Motors, Juno Trade, Jungjin Logistics, and JS Pacific, when submitting data to designate a large business group to the Fair Trade Commission in 2018∼2021.
Juno Motors Co. and Geno Trading Co. should have been included in the designated data as they are 100% owned by Park's first brother-in-law and his spouse and children, while Jungjin Logistics and JS Pacific are 100% owned by their second brother-in-law and their spouses and children.
The FTC judged that the perception of the false submission of data was significant, considering that Chairman Park, the chairman's office of Kumho Petrochemical, and those in charge of submitting designated data were all aware of the existence of the four missing companies for a long time, and that the equity ratio alone could easily determine whether they were affiliates.
The FTC explained that Chairman Park covered up Jungjin logistics after an internal review, even though he asked the FTC to check whether the relative company was an affiliate when it submitted the designated data in 2021.
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