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SKT fined W11.9 bil. for antitrust violations.
(From The Korea Herald)
By Kim Tong-hyung The government will impose an 11.9 billion won ($11 million) fine on SK Telecom over its antitrust violations following the company's 2002 acquisition of Shinsegi Telecom, according to the Information and Communication Ministry yesterday.
"We support last week's advisory panel ruling that competition is being limited in the telecom market and decided to penalize SK Telecom for violating the handset subsidy ban," Minister Chin Dae-je told a news conference at the ministry's Seoul headquarters. The ministry said SK Telecom will be fined 5.8 billion won for its violations through December 2003 and 6.1 billion won for the period through February 2004. Ministry officials declined to detail the computation standards. SK Telecom officials declined to comment on the issue.
"The regulatory measures will be strengthened in the future, when the Korean Communication Commission will add charges of breaking the Korean fair-trade law to the antitrust violations in deciding disciplinary measures," Chin added.
Chin said the disciplinary measures will be made official during the week. The ministry also extended SK Telecom's post-merger monitoring period by two years through January 2007, accepting a suggestion made by an advisory panel last week.
The ministry's decision comes just over a week before the Korean Communication Commission opens its regulatory session June 9 to review competition in the telecoms market. ...
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