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[Alpha Biz=(Chicago) Reporter Kim Jisun] The Fair Trade Commission may judge CJ Olive Young's alleged "abuse of exclusive business status" as a grave offense and may impose a fine of up to 600 billion won, according to a report.
Yoo Eui-dong, a member of the National Assembly's National Policy Committee, said on the 16th that he received the FTC's "review report on CJ Olive Young's Abuse of Market Status and Violations of the Large Distribution Business Act" and found that the FTC judged CJ Olive Young's abuse of its exclusive business status as a "very serious illegal act."
According to the detailed evaluation criteria in the review report released by lawmaker Yoo, the FTC calculated CJ Olive Young's violation as 3.0. In detail, 1.5 points were imposed on the violation with the highest portion of 0.5 for "when the number of competitors decreased or the number of potential business operators was found to be at a significant level or is likely to be effective in preventing new business entry."
According to the criteria for imposing fines on the review report, when the score is 2.2 or higher, it is rated as a "very serious violation," while CJ Olive Young was rated as 3.0.
The review report also showed that CJ Olive Young did not actively cooperate in the FTC's investigation stage, so there were no reasons for the first and second adjustments."
Yoo said that if the market dominant status of CJ Olive Young, a major issue in the FTC's investigation, is recognized, related sales are judged to be about 10 trillion won during the period, and a fine of up to 600 billion won (3.5% to 6.0%) could be imposed.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
