(MENAFN- IANS) Seoul, April 10 (IANS) The antitrust regulator here said on Wednesday that it has decided to order Samsung Electronics to take corrective steps for interfering with the business operations of its authorised retail stores.
The tech giant allegedly had demanded that its agencies provide it with their retail price information from January 2017 through September 2023, though such information is regarded as a business secret, according to the Fair Trade Commission (FTC), reports Yonhap news agency.
Samsung allegedly forced sellers to input their selling prices in its system and it collected the retail price information of 15,389 products, including refrigerators and washing machines, from 159 agents nationwide as of 2020.
The company used the data to evaluate the performance of its agents and grant incentives accordingly, but it has halted such practices since October 2023 after the regulator launched a probe, the FTC said.
"Such a practice constitutes an interference of business operations that violates the country's fairness of franchise transactions act," an FTC official said.
"Information on sales margins is deemed confidential as it could affect contract terms and conditions between the two sides," he added.
The regulator vowed to continue monitoring any unfair business meddling activities by Samsung and to sternly enforce relevant laws in case of any recurrences.
MENAFN10042024000231011071ID1108078266
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.