By Kang Seung-woo
The Fair Trade Commission (FTC) asked the prosecution to investigate Booyoung Group on charges the builder did not properly report its related companies for 14 years.
The antitrust watchdog said Sunday the Seoul-based group has not reported seven companies that are related to Chairman Lee Joong-keun and his close relatives, from 2002 until last year.
The commission said Booyoung repeatedly violated the relevant law so it could avoid regulations. Also, the seven firms in question became eligible to receive state support, which would have been impossible if they were classified as Booyoung-related outfits.
The FTC did not elaborate whether Booyoung actually benefited by not reporting the firms or if the seven entities received government support.
In addition, Chairman Lee is found to have had shares of Booyoung subsidiaries on borrowed-name accounts.