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Hyundai Steel fined $275,600 for obstructing FTC's probe

Staff Writer |
South Korea's corporate watchdog said that it has imposed a combined 312 million won ($275,600) on Hyundai Steel Co., the country's second-biggest steelmaker by sales, and its employees for obstructing an investigation and refusing to present evidence.

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Investigators of the Fair Trade Commission (FTC) carried out on-site investigations into Hyundai Steel's alleged violations of the local fair trade law in December 2016 and February 2017, according to the watchdog.

During the period, two company workers deleted related emails and data and concealed USB devices, while 11 rejected the FTC's request to submit documents.

Under the current South Korean law, those who disrupt an official FTC investigation could face a prison sentence of less than three years and a fine of up to 200 million won.

The FTC said it will take a firm stance on future instances of probe obstruction and refusal to submit related evidence.

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