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Photo = Fair Trade Commission |
[Alpha Biz= Reporter Kim Jisun] The Korea Fair Trade Commission (KFTC) reported that it has failed to collect 530 billion won in fines assessed against companies this year, with a collection rate of just 26.4%, the lowest in the past five years.
According to data received by lawmaker Yoon Han-hong's office from the KFTC on November 3, the total amount of fines determined for collection as of October is 718 billion won, of which only 189 billion won has been collected, leaving an outstanding amount of 528 billion won. This uncollected amount is the second-highest in the last five years, following 533 billion won in 2022. The collection rate has dropped significantly from a minimum of 45% to a maximum of 65%.
Notably, of the uncollected fines this year, 209 billion won (39.6%) is attributed to court-ordered payment delays, the highest amount in the last five years. Additionally, the amount that remains uncollected without specific reasons has also increased, reaching 781 billion won (14.8%) this year, up from 363 billion won (11.7%) in 2020.
As the KFTC's collection rate continues to decline, it has been revealed that there is currently only one staff member responsible for collecting these fines. Lawmaker Yoon emphasized the need for a comprehensive review of the KFTC's management system for outstanding fines, as the increase in uncollected amounts and the lengthening of overdue periods are becoming increasingly evident.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
