[Alpha Biz=(Chicago) Reporter Kim Jisun] Business group SeAH Changwon Integrated Special Steel Corporation was caught for unfairly supporting the owner family's private company even after suffering operating losses, and was fined and filed a complaint with the prosecution.

The Korea Fair Trade Commission said on the 25th that it will impose a correction order and a fine of 3.276 billion won (preliminary) for the sale of stainless steel pipes, a raw material, to its affiliate CTC. The support body, Seah Changwon Special Steel Corporation, has decided to file a complaint with the prosecution.

SEAH is the 42nd largest business group in terms of total assets based on special steel manufacturing and sales.

Currently, the governance structure is formed with two holding companies, Seah Holdings and SeAH Steel Corporation Holdings. The Seah Holdings system is controlled by President Lee Tae-sung, the eldest son of the late former chairman Lee Woon-hyung, while the SeAH Steel Corporation holding system is controlled by Chairman Lee Soon-hyung, the younger brother of former chairman Lee Woon-hyung.

 

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