[비즈한국] According to the '2025 Disclosure Compliance Inspection Results for Business Groups Subject to Disclosure' released by the Korea Fair Trade Commission (KFTC) on the 28th, the number of disclosure violations by business groups with total assets of 5 trillion won or more reached 146 this year. This is the highest level in five years since 2020. The KFTC identified violations across 50 business groups and 130 affiliates, imposing fines totaling 658.25 million won.
There are 92 business groups subject to disclosure this year, encompassing 3,301 affiliates. As the number of business groups continues to rise over recent years and the number of affiliates remains around 3,300, experts suggest that the complexity of disclosure management is increasing.
Sinokor Merchant Marine Tops List with 13 Cases… Habitual Offenders Persist
Last year, the KFTC identified 135 violations across 49 groups and 118 affiliates, imposing 885.07 million won in fines. While the number of violations increased this year, the total amount of fines actually decreased. The KFTC explained that many cases involved 'delayed disclosures,' where filings were submitted past the deadline, including reports on the status of business groups.
Given that there were more procedural violations involving missed deadlines rather than large-scale, high-value violations such as failure to disclose large internal transactions, the decrease in total fines is interpreted as being influenced by this composition. However, as the KFTC did not officially provide a specific reason for the decrease in fines, some uncertainty remains.
By business group, Sinokor Merchant Marine had the most violations with 13. Hankook & Company000240 Group and Daekwang followed with 8 cases each, while Eugene and Global Sae-A each recorded 7. Sinokor Merchant Marine also topped the list in terms of fine amounts, at 269 million won.
Cumulative violation data over the past three years highlights recurring issues among specific groups. Hankook & Company Group (28 cases), Taeyoung (24), Sinokor Merchant Marine (21), and Hanwha000880 (13) have consistently appeared at the top of the list in every inspection. This underscores the criticism that for some large conglomerates, disclosure requirements remain merely 'declaratory' rather than effective, contradicting the original purpose of the system.
This year's inspection covered three areas: disclosure of large-scale internal transactions, disclosure of important matters for unlisted companies, and disclosure of the current status of business groups regarding the head (same person), related parties, and affiliates.
Among these, the most violations were found in the disclosure of business group status. Even seemingly simple items, such as board and executive status or shareholder composition, frequently suffered from missed deadlines or omissions. Inexperience of new staff and conflicts between internal approval procedures and disclosure deadlines were cited as primary causes.
Disclosure Governance Remains Weak… KFTC to "Directly Manage Habitual Violators"
The KFTC announced plans to classify recurring violators as subjects for separate management, strengthen information sessions and consultations, and consider improving on-site inspections and criteria for increased fines. In particular, the commission intends to further intensify sanctions for major violations, such as non-disclosure or failure to obtain board approval.
This inspection reaffirms that the disclosure systems of domestic large conglomerates remain weak. Information on internal transactions and governance is essential data that supports corporate transparency and market monitoring functions. The result showing a decrease in fines despite an increase in violations raises questions about whether some companies still maintain a lax attitude toward compliance.
Whether the KFTC's stricter management policy will effectively change the behavior of repeat offenders, and how financial markets and rating agencies will reflect this history of disclosure violations in the future, will be key points of interest.