Subcontracting-related laws
The Fair Trade Commission (FTC) of the Republic of Korea in Seoul, the Korean corporate watchdog, announced on Oct. 4, 2018 that they have decided to impose KWN134 million (US$118.800) in fines on Woori FTC, an ICT firm affiliated with major banking service group, the Woori Bank, on charges of suspected violation of subcontracting-related laws.
According to an announcement made by the FTC, Woori FIS (headed by CEO Cho Jae-hyun) failed to issue contracts to its subcontractors during the legally stipulated period of January 2015 to January 2017.
The FTC also ordered the ICT firm to take corrective measures.
Woori FIS's mainstay businesses range from software development to IT system maintenance. Its annual sales reached 252 billion won in 2017.
The FTC action comes as a surprise to many people, especially those in the financial circles and the related industries because the CEO, Cho Jae-hyun, is known to have been stressing the importance of ‘endless’ efforts for improvement as an industry leader.
Cho is known to emphasize, “Through endless challenge and innovation we will be re-born as an IT professional company leading the future of digital finance.”