South Korea: Corporate watchdog launches obstruction investigation into Hite Jinro
Koreas corporate watchdog has launched an investigation into Hite Jinro, one of the countrys largest distillers, for obstructing an investigation, industry sources said on September 20.
Officials from the Fair Trade Commission had previously conducted an on-site inspection into Hite Jinros alleged violations of local fair trade laws in April, according to the sources. At the time, some company employees disrupted the commissions enforcement, they noted.
The Fair Trade Commission has been looking into allegations that the company gave illegal business favors to Seoyoung E&T, an industrial container manufacturer run by Hite Jinros owner and his son.
The watchdog has stressed that it will take a firm stance on future instances of probe obstruction and refusal to submit related evidence.
Established in 1924, Hite Jinro is one of the leading alcohol manufacturers in Korea. Its Chamisul soju is top in terms of market share, and its Hite beer is second in the industry.
Earlier this year, Hyundai Steel, the countrys second-biggest steelmaker by sales, was fined 312 million won ($275,600) for hampering an investigation.
E-malt.com, the global information source for the brewing and malting industry professionals. The bi-weekly E-malt.com Newsletters feature latest industry news, statistics in graphs and tables, world barley and malt prices, and other relevant information. Click here to get full access to E-malt.com. If you are a Castle Malting client, you can get free access to E-malt.com website and publications. Contact us for more information at marketing@castlemalting.com .