Naver, Daum propose voluntary measures

News Broadband Korea, Republic of 1 JAN 2014
Naver, Daum propose voluntary measures
South Korean internet portal operators Naver and Daum will make a major financial contribution to help smaller companies and to protect consumer rights. The move was made under the Fair Trade Commission's "commitment decision" during its investigation into major internet operators, including Naver and Daum Communications, Yonhap writes. Naver will contribute around KRW 100 billion over three years and Daum will contribute KRW 4 billion. 

Under the "commitment decision" process, the Fair Trade Commission (FTC) can quickly finalise a case without making a determination when companies volunteer their own corrective measures. In a submission, Naver said it would launch a unit that would help to establish fair market rules and protect consumer rights with a KRW 20 billion investment. Naver would also spend KRW 30 billion on support projects related to education, promotion, and consulting and it will contribute KRW 50 billion to a fund for SMBs. The FTC is now collecting feedback on the proposals for forty days.

Categories:

Internet

Companies:

Daum Kakao,  Naver

Countries:

Korea, Republic of

Tags:

Regulations

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