Regulator warns LG chief over false data submission

LG Chairman Koo Kwang-mo is seen in this photo provided by the company. Yonhap

The antitrust regulator said Thursday it has issued a warning against LG Chairman Koo Kwang-mo as he withheld data on the group's affiliates.

Chiefs of large business groups are required to submit to the Fair Trade Commission (FTC) details about affiliates governed by them and their family members each year, as well as information of executives and shareholders of corporate units.

The FTC found that Koo submitted documents last year in which two companies governed by outside directors of the group were omitted from LG affiliates.

The decision to issue the warning was made after considering the facts that the two firms are small ones and not owned by Koo himself or his family members. The possibility of Koo having recognized the submission of falsified data is believed to be low, the regulator noted. (Yonhap)