South Korean top court upholds $760M fine decision against US company

 

ANKARA

 

South Korean top court on Thursday upheld a ruling imposing a record over $760 million fine by the country’s antitrust regulator on US chipmaker Qualcomm Inc. for unfair business practices, local media reported.

 

In 2016, the Fair Trade Commission (FTC) of South Korea imposed a 1 trillion won ($760.8 million) fine on the San Diego-based company and its two affiliates over breaching the country's competition law, according to Yonhap News Agency.

 

The company later moved the Seoul High Court against the FTC decision, however in 2019, the High Court in its verdict recognized the antitrust body's majority measures against the company and rejected the company’s request to reverse the FTC decision.

 

The court also recognized the US chipmaker's abuse of its dominant market power in forcing unfavorable business deals on mobile phone makers and unfairly restricting market competition, according to the agency report.

 

On Thursday, the country's Supreme Court also upheld the Seoul High Court’s verdict and paved way for the FTC to implement its decision.

 

The antitrust body welcomed the top court ruling and said the FTC will monitor the implementation of its decision in line with the court verdict.

 

*Writing by Islamuddin Sajid