Coupang delivery trucks at a parking lot in Seoul / Yonhap
Corporate fines imposed by Korea's antitrust regulator jumped 26 percent in 2024 from a year earlier, with e-commerce giant Coupang receiving the biggest penalty, a corporate data tracker said Wednesday.
The Fair Trade Commission imposed fines totaling 550.15 billion won ($384 million) on local companies last year for unfair market practices, up from 434.98 billion won in 2023, according to CEO Score.
Coupang and one of its subsidiaries, Coupang Private Label Brands, topped others with a combined fine of 140.1 billion won for using unfair search algorithms and uploading false product reviews to boost sales of their own private-label items.
Kakao Mobility, the operator of the country's leading taxi-hailing service, was slapped with a fine of 72.4 billion won.
Kakao Mobility was accused of manipulating its algorithm to direct more ride requests received through its mobile taxi application to cabs under its franchise.
CJ Freshway as slapped 24.5 billion won for unfairly supporting an affiliate to solidify its market status as a major food distributor for local merchants.
There were 11 companies slapped with penalties worth over 10 billion won last year, according to CEO Score. (Yonhap)
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