Mirae Asset Slapped with 4.39-B Won Fine for Unfair Transactions

Mirae Asset Financial Group has been fined 4.39 billion won for unfair intra-group transactions after its affiliates awarded contracts to the group's holding company Mirae Asset Consulting.

According to the Fair Trade Commission (FTC), the 43 billion won worth of unfair in-house deals between 2015 and 2017 consists of 29.7 billion going to Blue Mountain Country Club and Four Seasons Hotel pocketing 13.3 billion won.

The transactions allowed the group founder and chairman Park Hyeon-joo and his family to pocket profits.

Mirae Asset Consulting is unlisted with 48.63 percent owned by Park, 34.81 percent belonging to his children, and 8.43 percent to his other relatives.

However, it is unlikely that Park would face criminal charges.

Firstly, he didn't make an order for an intra-group transaction, according to director-general Chung Jin-wook of the FTC's business cooperation bureau. Furthermore, he wasn't referred to the prosecutor.

FTC accused 11 Mirae Asset affiliates of running ads, holding corporate events, and purchasing gifts at the hotel and golf course without proper procedure.