[Alpha Biz=(Chicago) Reporter Kim Jisun] Mirae Asset affiliates, which were sanctioned by the Fair Trade Commission for unfairly supporting golf courses and hotels operated by the owner's family, filed a lawsuit to cancel the fine, but lost.

A ruling has been made that the Fair Trade Commission's corrective order against Mirae Asset affiliates, fines and Chairman Park Hyun-joo is legitimate.

The Fair Trade Commission (FTC) said on the 11th that the No. 6-2 administration of the Seoul High Court rejected the request and ruled in favor of Mirae Asset in a lawsuit to cancel corrective orders and fines filed by eight affiliates, including Mirae Asset Securities and Mirae Asset Consulting, and Group Chairman Park Hyun-joo on the 5th.

Earlier in September 2020, the FTC imposed a correction order and a fine of 4.391 billion won, saying that Mirae Asset affiliates attributed unfair profits to related parties by trading with Mirae Asset Consulting on a considerable scale without reasonable consideration and comparison.

Mirae Asset Consulting is an unlisted and non-financial company with a 91.86% stake in a related party. The shares were 48.63% for Park, 34.81% for spouses and children, and 8.43% for other relatives. At the time of this incident, the Blue Mountain CC and Four Seasons Hotel were operated.

Mirae Asset affiliates made sales worth 43 billion won by using golf courses Blue Mountain CC and Four Seasons Hotel operated by Mirae Asset Consulting when purchasing customer hospitality and holiday gifts. Judging that internal transactions were made unfairly, the FTC took action, saying unconditional large-scale transactions with affiliates with large stakes in special relations are illegal.

Mirae Asset affiliates filed a lawsuit to cancel the disposition. However, the court judged that the FTC's disposition was legitimate, considering that Mirae Asset affiliates did not go through the proper process of selecting a trading partner.

The court said that the fact that Mirae Asset Consulting recorded operating losses does not mean that unfair profits did not occur. This is because Chairman Park's real estate investment was justified and his business losses were reduced.

In addition, the court said that Park's tacit consent or approval recognized his involvement in each transaction in the case, and that the FTC's disposition was legitimate because it could be included in the correction order.

 

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