FTC fines Doosan 230 million won over delayed subcontract documents

South Korea’s Fair Trade Commission found that Doosan[000150] failed to issue written contract documents on time in subcontracting transactions and imposed a corrective order along with a 230 million won administrative fine. The action confirms the principle that written documents containing contract terms must be provided at the required point in subcontract dealings. According to the original report, the FTC viewed Doosan’s delayed issuance as a violation and decided on sanctions. The cited figure is a fine of 230 million won. The measure again highlights the importance of timely written contract procedures in subcontracting and the need for companies to review contract management and internal processes. Source: yna.co.kr