US Edition
HDC fined $11.61 mil. over unfair support for ailing affiliate
4 Articles
4 Articles
FTC Imposes 17.1 Billion Won Fine on HDC for Providing 36 Billion Won in Effectively Interest-Free Support to Affiliate The Fair Trade Commission issued a corrective order and imposed a fine of 17.13 billion won on HDC in connection with the company providing funds to its affiliate, HDC I'Park Mall, under the guise of a lease deposit at virtually zero interest, disguised as a lease transaction.
FTC fines HDC 17.1 BillionWon, Seeking Prosecution
A view of Yongsan I’Park Mall, where the headquarters of HDC Hyundai Development Company is located. (Photo, provided by HDC Hyundai Development Company) Business group HDC has been sanctioned after it was revealed that it provided tens of billions of won in funds to its affiliate, HDC I’Park Mall, over a long period by disguising it as a lease transaction, effectively providing ‘gratuitous support’. The Fair Trade Commission announced on April …
[Digital Daily Reporter Wang Jin-hwa] It has been revealed that HDC has been providing long-term financial support to its affiliates at virtually zero interest rates by utilizing lease agreements. The Fair Trade Commission (FTC) views this as indirect unfair support and has decided to file a criminal complaint along with imposing a fine. The FTC announced on the 8th that it had uncovered HDC’s act of providing indirect financial support to its …
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