CJ Olive Young under regulator’s probe over unfair biz practice allegations

The antitrust regulator launched an on-site probe into CJ Olive Young Corp. Tuesday over alleged unfair practices against suppliers, officials said. The Fair Trade Commission (FTC) sent inspectors to the office of the South Korean leading health and beauty store chain operator in Seoul and is conducting a probe on suspicions that CJ Olive Young has allegedly forced its suppliers not to take part in a shopping event organized by fashion platform Musinsa Co. The FTC refused to elaborate on details and simply vowed "a stern response to any violations." In December, the regulator decided to fine CJ Olive Young 1.89 billion won (US$1.43 million) for forcing its suppliers not to take part in sales promotion events organized by rival malls in violation of the country's large-scale retail business act. Source: Yonhap News Agency