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Korea Fair Trade Commission is investigating GS Group affiliates on suspicion of illegitimate internal work transactions

ANI
·1-min read
The office of the Korea Fair Trade Commission in Sejong city, South Korea. Photo/Newsis
The office of the Korea Fair Trade Commission in Sejong city, South Korea. Photo/Newsis

Seoul [South Korea], April 6 (ANI/Global Economic): The Korea Fair Trade Commission (KFTC) has begun an investigation into an allegation that family members of the owner of South Korean conglomerate GS Group were provided with undue business benefits through unjust internal transactions.

According to information from the industry and other sources on Apr. 4, KFTC recently conducted an on-site investigation at the headquarters of GS Caltex, the oil refinery subsidiary of GS Group, in the Yeoksam neighbourhood of Seoul.

KFTC reportedly executed the on-site investigation to find out the truth about allegations that GS Group affiliates gave unfair benefits to the family members of the group's owner by loading work to GS ITM, a system integrator (SI) company.

GS ITM provides IT services for companies under GS Group, and until three years ago, members of the said owner's family, including Huh Seo-hong, executive director of GS Energy, Huh Yoon-hong, vice president of GS Engineering & Construction, and Huh Joon-hong, vice president of GS Caltex, held more than 80% stake in the company.

At the time, GS ITM's work stemming from internal transactions accounted for more than 70% of its total work, but in 2018, 80% of GS ITM's shares were sold to private equity fund management firms IMM Investment and JKL Partners.

"We cannot provide any confirmation regarding the case under investigation," a KFTC official said. (ANI/Global Economic)