South Korea’s antitrust agency could join the regulatory movements around the world aimed at clamping down on Google and other multinational technology giants in their alleged abuse of market predominance and free-riding on near-monopoly status, according to new chief of Fair Trade Commission (FTC) Kim Sang-jo.

“These companies have proliferated and earned money through the infrastructure financed by Korean taxpayers. Yet they dominate the online platforms without any cost,” Kim said in an interview with Yonhap News Agency.

The agency will begin “prudent” study on how to address the issue in the context of ensuring fair competition, he said without elaborating.

Global IT tycoons like Google, Apple, and Facebook built unmatchable edge in big data based on its rich access and storage of user information. Japan’s antitrust regulator recently released a guideline on monopolizing big data and Germany last year launched an investigation into Facebook for its abuse of market dominance.

The liberal scholar-turned chief expressed skepticism about easing the regulations on financial holding establishments to allow non-banking institutions to transform into holding structure citing loopholes in financial supervisory system.

His comment can be interpreted as opposition to chaebol units like Samsung Life expanding through holding structure until their management becomes more transparent.

He vowed tougher watch on irregularities by public enterprises such as price collaboration. In the longer run, he said public entities also should come under regular antitrust scrutiny like large conglomerates.

By Seok Min-soo

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