SEOUL, Feb. 24 (Korea Bizwire) — President Lee Jae Myung called Tuesday for a sweeping crackdown on collusion and unfair trade practices, warning that entrenched irregularities across South Korea’s markets threaten the integrity of its economic system and demanding tougher enforcement, heavier penalties and stronger whistleblower incentives.
Speaking at a Cabinet meeting in Seoul, Mr. Lee said violations had become widespread partly because companies believed regulators lacked the resources and resolve to investigate them. “If you dig into any corner, everything is dirty,” he said, urging authorities to ensure that businesses assume illegal conduct will inevitably be detected and punished.
Mr. Lee instructed the Fair Trade Commission to expand its enforcement capacity and consider dramatically increasing financial rewards for whistleblowers who expose collusion. He suggested offering payouts substantial enough to rival lottery winnings, arguing that generous incentives would encourage insiders to come forward and deter misconduct.
The president also expressed concern that recent antitrust enforcement had failed to translate into tangible benefits for consumers. He cited an investigation into price collusion in essential goods such as sugar, noting that while raw sugar prices had fallen sharply, companies had not passed savings on to consumers. He warned against allowing businesses to retain windfall gains from regulatory intervention.
Mr. Lee pressed regulators to clarify...
The Department of Homeland Security on Monday blasted a federal judge’s order requiring it to immediately improve conditions at its ICE processing facility in Baltimore — including reducing the nu...