French retail giant fined for unfair practices in South Korea
Afp, Seoul
French retail giant Carrefour's unit in South Korea has been fined 1.39 billion won (1.48 million dollars) for unfair business practices, anti-trust regulators said Tuesday. The Fair Trade Commission said Carrefour Korea had forced suppliers to cut prices to save some 1.737 billion won on supply orders for 10 months last year. The commission also accused Carrefour of intentionally delaying the signing of contracts with suppliers. Carrefour, the world's second biggest retailer, expressed regret over the decision saying it had followed normal business practices but added it would follow the watchdog's decision. "It is regrettable as Carrefour Korea has just followed common business practices in the local retail market," said Yim Jin-Taek, spokesman for Carrefour's local agent Saram and Image. He said the watchdog's action would not affect Carrefour's pullout from South Korea. In April, Carrefour signed a deal to sell all 32 of its stores in South Korea to local clothing-maker and distribution group Eland for 1.5 billion euros.
| 
