Daewoo Fined For Intra-Group Trade
October 18, 1999
South Korea's Fair Trade Commission reportedly fined Daewoo Corp about $1.2 million last month for an unfair intra-group foreign currency transaction, in which Daewoo allegedly sold $192 million below market rates to Daewoo Heavy Industries through the local branches of two foreign banks.
Daewoo Group, currently struggling under debts of $47.3 billion, was fined a total of $11.2 million, including the $1.2 million for the currency transaction.
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