[Alpha Biz=(Chicago) Reporter Paul Lee] As the financial structure of affiliates deteriorated, fines were imposed on OCI Group, which supported the work of its affiliates.

Han Ki-jang, chairman of the Fair Trade Commission, said in a briefing at the Sejong Government Complex on the 6th that he will impose a total of 11.02 billion won in fines on SGC Energy, SGC E-Tech Engineering & Construction and Samkwang Glass (currently SGC Solution) belonging to the business group "OCI."

The amount of fines by company is 3.91 billion won for Samkwang Glass, 3.55 billion won for SGC E-Tech Engineering & Construction, and 3.55 billion won for SGC Energy.

According to the FTC, OCI Group is largely divided into three small groups, with the incident centered on affiliates controlled by Chairman Lee Bok-young, the uncle of Chairman Lee Woo-hyun.

They took the form of competitive bidding in preparation for regulations on giving work.

SGC Energy conducted a total of 15 bituminous coal purchase bids for suppliers such as Samkwang Glass from May 2017 to August 2020 to purchase bituminous coal for its power plants.

Among them, Samkwang Glass won four bids for the lowest price by arbitrarily increasing the calorific amount of bituminous coal guaranteed by foreign bituminous coal suppliers by 20 to 300㎉.

With such support, Samkwang Glass recorded about 6.4 billion won in operating profit by supplying 1.8 million tons, or 46% of the bidding amount to Gunjang energy, and bituminous coal worth 177.8 billion won to Gunjang Energy from June 2017 to March 2021, even though it is a new company in the bituminous coal sourcing business.

As a result, related parties such as Samkwang Glass Chairman Lee Bok-young and Vice President Lee Woo-sung also acquired unfair profits (about 2.2 billion won) as much as the stake ratio of Samkwang Glass.

 

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