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Hyundai, Hyosung request FTC to recognize new group chiefs Posted : 2021-03-02 16:00 By Nam Hyun-woo Hyundai Motor Group and Hyosung Group requested that the Fair Trade Commission (FTC) recognize their new chairmen, according to the Fair Trade Act, which regulates chaebol s business practices. This recognition bears significance because it determines the FTC s scope in considering whether certain companies are affiliated as a conglomerate or not. That status subsequently decides which companies are subject to regulations on conglomerate owners unfair profiteering from intra-affiliate trading. According to industry officials, Hyundai Motor Group has recently requested the FTC to recognize Chairman Chung Euisun as the group s chief, according to the act. If the antitrust agency accepts this request and announces Chung as the chief, the automobile giant will have a new legal chief for the first time in 21 years.

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