KH Group Resists FTC's 51 Billion Penalty Penalty... Does It Respond Legal?[DIG UP]

FTC, Alpensia Resort Bid Collusion... Orders Corrections and Penalties KH Group KH Group, "Not collusion, but fair competition" Claims... Position Statement Announced

Daily Union (Monthly, Korea News Newspaper) Ju-un Journalist | The FTC has ordered corrections and fined about 51 billion won to six companies belonging to KH Group for colluding in a bid to sell assets at Alpensia Resort ordered by the Gangwon Development Corporation. According to the FTC, six companies belonging to KH Group were sold by KH Philux establishing a special purpose corporation, KH Kangwon Development, at the end of April 2021, prior to the 5th bidding, KH Construction was found to have committed collusion by establishing a special purpose corporation, KH Rural Community Industry, agreeing to participate as a best man and implementing it. Meanwhile, KH Group Chairman Bae Sang-yoon has been on the run abroad for more than a year since May last year to avoid prosecution investigations. Chairman Bae is accused of breach of trust that caused 400 billion won in damages to KH Group's affiliates and embezzlement of stealing 65 billion won in funds from affiliates.