South Korea's corporate watchdog said Monday that it has slapped a combined 58 million won ($50,000) in fines on three affiliates of retail giant Shinsegae Group for regulatory filing violations.
Shinsegae Inc., Shinsegae Food Inc. and E-Mart Inc. were penalized for not properly reporting group owner Lee Myung-hee's shareholding to authorities, according to the Fair Trade Commission.
Logo of Shinsegae (Yonhap)
Lee had held less than a 1 percent stake in each of the three companies under the name of company officials until 2015. The business group posted the information related to shares held by the officials.
The FTC also issued a warning to Lee for submitting false documents to the companies and violating the disclosure rules.
Under the South Korean law, all managerial matters, including stock ownership, and appointments of executives and board members, are subject to mandatory disclosure. (Yonhap)