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[Fair Trade] Application for suspension of enforcement of the KFTC penalty surcharge payment order accepted…request for installment payment and application for suspension of enforcement should be used 3/7/2018

I. Background  


A correction order and penalty surcharge order in the amount of approximately 2.4 billion won were imposed against the Claimant by the Respondent on November 21, 2017.  However, considering that the Claimant recorded 1,480.80% of debt ratio, 6.33% of equity to asset ratio, 6.2 billion won of losses in business profits, 7.8 billion won of losses in current net income, and had a cash reserve of a mere 690 million won (which is only 28.62% of the penalty surcharge amount), the enforcement of the penalty surcharge payment order was expected to cause irreparable management crisis to the Claimant and ultimately jeopardize the very existence of the Claimant.  Accordingly, based on Article 23 (3) of the Administrative Litigation Act, an application was made for suspension of penalty surcharge payment order until the judgment on the merits of the case was finalized, based on the reason that such suspension was in urgent need so as to prevent irreparable damage occurring to the Claimant and that such suspension was not expected to have a serious effect on public welfare.

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