S. Korean regulator gives warning against Samsung leader Lee over falsified data

Asian Tech Press (Apr. 11) -- South Korea's antitrust regulator has issued a warning to Samsung leader Lee Jae-yong over falsified data.

The Korea Fair Trade Commission (FTC) has issued a warning to Samsung Group's de facto leader Lee Jae-yong over allegations that he submitted falsified data about the group's affiliates, Yonhap News Agency reported Monday.

According to the FTC, companies governed by outside directors of the group were omitted from Samsung affiliates in the 2018-2019 filings to the antitrust regulator by Lee Jae-yong, vice chairman of Samsung Electronics Co.

The FTC said the omission did not affect its move to designate Samsung as a large conglomerate on its antitrust watch list. But it took more than a year to bring the affected companies under the umbrella of Samsung affiliates because of falsified data.

Large conglomerates with assets of over 5 trillion won ($4 billion) were required to publicly file their business information, and companies with assets of 10 trillion won or more were prohibited from making equity investments among affiliates or providing loan guarantees to each other.

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