The Fair Trade Commission announced a plan to improve the system in order to eradicate repeated bid rigging and abuse of market dominance. The commission plans to amend the Fair Trade Act to extend the statute of limitations for bid-rigging penalties to a maximum of 15 years, and to allow for measures such as registration cancellation and suspension of business operations for repeated bid-rigging activities. In addition, the plan is to utilize structural measures such as divestiture or transfer of business operations for abuse of market dominance, and the self-reporting leniency program will also be improved. The Fair Trade Commission will strengthen the monitoring of bid rigging in areas closely related to people's lives and consumer protection, and will strictly crack down on unfair contract terms and abusive practices.
