The Fair Trade Commission (FTC) has awarded special performance bonuses to employees who uncovered major collusion cases, including those involving flour, housing loan-to-value ratios (LTV), and printing paper.
On July 9, the FTC held its second special performance bonus ceremony, announcing that it awarded a total of 21 million won to 18 employees. The special performance bonuses were introduced this year following President Lee Jae-myung's directive to provide exceptional rewards for outstanding public servants.
During the ceremony, employees were recognized for achievements in four areas: detection of the three major collusions (flour, bank LTV, and printing paper) (15 million won for 14 employees), uncovering unfair support practices by HDC (2 million won for 1 employee), correcting unfair contracts among delivery companies (2 million won for 2 employees), and penalizing kickbacks in funeral services (2 million won for 1 employee).
Employees who detected collusion in the three major areas directly affecting the public were particularly acknowledged. Lee Sun-mi, the former head of the International Cartel Investigation Division, and Kim Jong-wan, a senior official, led a dedicated investigation team that uncovered collusion among seven flour milling companies that had persisted for six years, achieving a record fine of 671 billion won in just four months.
FTC Chairman Joo Byeong-ki praised the team, stating, "A small clue obtained during the sugar collusion investigation led to the detection of the largest flour collusion in history. The dedicated investigation team completed a case that typically takes over a year in just four months, showcasing the FTC's investigative capabilities."
Notably, Senior Official Kim also led the investigation into the LTV collusion among the four major banks. His efforts resulted in sanctions against the banks for information exchange, which the FTC hopes will enhance competition in the mortgage market.
Investigator Na Sang-tae was also recognized for penalizing six paper companies for their unfair joint practices. His work dismantled a collusion structure that could have persisted for a long time, contributing to price stability for printed materials such as books and educational materials.
Additionally, Senior Official Park Seong-hoon received a bonus of 2 million won for uncovering HDC's unfair support practices disguised as lease transactions over 17 years. Senior Officials Byeon Chang-jae and Jang Seong-pil were awarded a total of 2 million won for penalizing violations of subcontracting laws by five delivery companies.
Furthermore, Investigator Kang Jae-seo was awarded 2 million won for exposing the practice of kickbacks in funeral services. This practice had led to increased costs by incentivizing funeral homes recommended by pre-need service providers, despite the absence of clear prohibitions in relevant laws. Following the FTC's sanctions, there has been a growing movement within the industry to improve these practices.
On July 9, the FTC held its second special performance bonus ceremony, announcing that it awarded a total of 21 million won to 18 employees. The special performance bonuses were introduced this year following President Lee Jae-myung's directive to provide exceptional rewards for outstanding public servants.
During the ceremony, employees were recognized for achievements in four areas: detection of the three major collusions (flour, bank LTV, and printing paper) (15 million won for 14 employees), uncovering unfair support practices by HDC (2 million won for 1 employee), correcting unfair contracts among delivery companies (2 million won for 2 employees), and penalizing kickbacks in funeral services (2 million won for 1 employee).
Employees who detected collusion in the three major areas directly affecting the public were particularly acknowledged. Lee Sun-mi, the former head of the International Cartel Investigation Division, and Kim Jong-wan, a senior official, led a dedicated investigation team that uncovered collusion among seven flour milling companies that had persisted for six years, achieving a record fine of 671 billion won in just four months.
FTC Chairman Joo Byeong-ki praised the team, stating, "A small clue obtained during the sugar collusion investigation led to the detection of the largest flour collusion in history. The dedicated investigation team completed a case that typically takes over a year in just four months, showcasing the FTC's investigative capabilities."
Notably, Senior Official Kim also led the investigation into the LTV collusion among the four major banks. His efforts resulted in sanctions against the banks for information exchange, which the FTC hopes will enhance competition in the mortgage market.
Investigator Na Sang-tae was also recognized for penalizing six paper companies for their unfair joint practices. His work dismantled a collusion structure that could have persisted for a long time, contributing to price stability for printed materials such as books and educational materials.
Additionally, Senior Official Park Seong-hoon received a bonus of 2 million won for uncovering HDC's unfair support practices disguised as lease transactions over 17 years. Senior Officials Byeon Chang-jae and Jang Seong-pil were awarded a total of 2 million won for penalizing violations of subcontracting laws by five delivery companies.
Furthermore, Investigator Kang Jae-seo was awarded 2 million won for exposing the practice of kickbacks in funeral services. This practice had led to increased costs by incentivizing funeral homes recommended by pre-need service providers, despite the absence of clear prohibitions in relevant laws. Following the FTC's sanctions, there has been a growing movement within the industry to improve these practices.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.