Corporate watchdog chief calls for tougher penalties for obstructing investigations

Korea's antitrust chief on Sunday called for tougher financial penalties against companies that refuse to cooperate with investigations, following a recent dispute involving e-commerce giant Coupang. Ju Biung-ghi, chair of the Fair Trade Commission (FTC), said imposing fines equivalent to 1 percent of a company's total revenue for obstructing investigations would strengthen the watchdog's enforcement powers. "Imposing a fine equivalent to 1 percent of a company's total revenue for refusing to cooperate with an investigation, rather than a slap on the wrist, would strengthen investigative powers and make law enforcement more effective," Ju said in an interview with public broadcaster KBS. Ju said the FTC's existing investigative authority was largely sufficient, but stressed the need for tougher penalties against companies that refuse to cooperate. While some laws enforced by the FTC allow financial penalties and criminal sanctions for obstructing investigations, the Act on Fair Transactions in Large Retail Business provides only for administrative fines. The legal limitation came to light