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Biz News Korea(Eng)

Korean big chaebol names must disclose trademark transactions from this year

Collected: 2018.03.30

Distributed: 2018.04.02

Source: Go Direct

South Korean business conglomerates with assets of 5 trillion won ($4.4 billion) or more must disclose their revenue and details on charges on their affiliates on use of corporate trademarks and brands under a new antitrust regulation.

The Fair Trade Commission Thursday approved a new rule to mandate large business groups to disclose how they charge their subsidiaries for the use of trademark and branding, a measure to crack down on easy profiteering by family owners.

About 60 conglomerates with assets of 5 trillion won or more will be subject to the new rule this year.

In a previous survey of 57 conglomerates, the FTC found that 20 holding or parent companies charged their 277 subsidiaries a total of 931.4 billion won for the use of trademark and branding in 2016.

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Under the new guideline, companies belonging to the conglomerates designated by the FTC are required to make public all transactions related to trademarks between subsidiaries in the previous year by May 31 of the year.

To date, such transactions have been recognized as commodity and service purchases in some companies and there was no disclosure when the amount did not reach a certain level.

But the new regulation requires companies to get board approval before disclosure for large trademark dealings of more than 5 billion won, or 5 percent of their equity capital, which constitutes a massive inter-subsidiary transaction.

The new rule will go into effect as soon as April 3.

By Seok Min-soo and Minu Kim

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