Latest news with #TelecommunicationsBusinessAct
Korea Herald
26-05-2025
- Business
- Korea Herald
Stock undervaluation prevention, bank branch closure notices
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed. Proposed Bill: Partial Amendment to the Inheritance Tax and Gift Tax Act Proposed by Rep. Lee So-young (Democratic Party of Korea) ● This amendment aims to prevent controlling shareholders from inducing stock undervaluation to reduce inheritance or gift taxes during succession. If the assessed value of listed shares falls below 80 percent of their net asset value, the same valuation method used for unlisted shares will be applied, reflecting both assets and earnings. Proposed Bill: Partial Amendment to the Telecommunications Business Act Proposed by Rep. Choi Soo-jin (People Power Party) ● This amendment aims to curb Google's forced in-app payment policy by specifying prohibited acts of major app market operators and banning the imposition of unreasonable or discriminatory conditions on the use of external payment systems. Pending Bill: Partial Amendment to the Banking Act Proposed by Rep. Park Hong-bae (Democratic Party of Korea) ● As banks tend to facilitate the transition to digital services and close physical branches, this amendment seeks to protect digitally vulnerable individuals by requiring advance notice before any branch closure. Promulgated Bill: Act on the Improvement of Urban Areas and Residential Environments Competent Authority: Ministry of Land, Infrastructure and Transport ● This bill lowers the consent threshold for forming a reconstruction project association from at least 75 percent to 70 percent of all strata title holders in each unit of a housing complex. Administrative Announcement: Partial Amendment to the Enforcement Decree of the Special Act on the Prevention of Loss Caused by Telecommunications-Based Financial Fraud and Refund for Loss Competent Authority: Financial Services Commission ● This amendment requires specialized credit financial companies and credit service providers to verify users' identities during financial transactions, aiming to prevent telecommunications-based financial fraud.
Korea Herald
14-05-2025
- Korea Herald
Man lent name for $14 per SIM card, now faces fines
The Supreme Court has ruled that a 76-year-old man should be held legally responsible for lending his name to register SIM cards, some of which were later used for phone scams, overturning a lower court's decision that cleared him of all charges. The man, identified by his surname Yoo, was approached by a mobile phone dealer in 2020 and offered a small cash reward in exchange for registering prepaid SIM cards under his name. Yoo registered nine SIM cards and received between 20,000 won ($14) and 30,000 won per card. The dealer was found to have acquired 7,000 SIM cards through various individuals including Yoo, and resold some to voice phishing rings. Prepaid SIM cards have been widely exploited in such scams due to their ability to be used anonymously after setup. While the dealer claimed the SIMs were merely used for boosting sales figures, Yoo's actions violated the Telecommunications Business Act, which bans people from establishing a telecommunication connection under their names for another person to use. Violations can be subject to up to one year in prison or 50 million won fine. Lee was initially fined 1 million won by the Daejeon District court, but the appellate court cleared him of charges. It said the defendant's old age and disability could have clouded his judgement, and it is likely that him registering the SIM was purely out of kindness and in faith of the dealer's promise not to transfer them to anyone else. The Supreme Court, however, reversed and remanded the case, saying that Yoo demonstrates no cognitive issues despite his physical condition. "It could be sufficiently said that Yoo could have known that the sim cards were to be provided for other people's telecommunications service, or at least there was a possibility for them to be used in that manner," the court said in its ruling.
Korea Herald
10-03-2025
- Business
- Korea Herald
Strengthening labor rights, measures to protect clinical trial data
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. -- Ed. Proposed Bill: Partial Amendment to the Trade Union and Labor Relations Adjustment Act Proposed by Rep. Park Hong-bae (Democratic Party of Korea) ● This amendment strengthens protections for fundamental labor rights under the Constitution. Notably, it enhances contractors' responsibilities toward subcontractor workers and specifies provisions limiting employers' claims for damages against employees and trade unions. Proposed Bill: Partial Amendment to the Telecommunications Business Act Proposed by Rep. Lee Hoon-ki (Democratic Party of Korea) ● Currently, individuals who become the largest shareholder through other shareholders' stock disposal are not subject to the public interest test or authorization by the Ministry of Science and ICT. To prevent potential abuse, this amendment mandates a governmental review for such cases. Pending Bill: Partial Amendment to the Commercial Act Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● This amendment extends directors' duty of loyalty both to the company and to its shareholders, requiring them to protect all shareholders' interests and ensure fair treatment. Promulgated Bill: Rules on Safety of Drugs, etc. Competent Authority: Ministry of Food and Drug Safety ● Following the amendment to the Pharmaceutical Affairs Act, which introduced a new system for protecting clinical trial data, this bill specifies the drugs subject to data protection, information disclosure and defines drugs requiring risk management. Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on the Promotion of Saving and Recycling of Resources Competent Authority: Ministry of Environment ● This amendment modifies the scope of designated recycling business entities required to use waste plastic recycled raw materials, shifting the obligation from plastic substance manufacturers to businesses producing bottled water or nonalcoholic drinks, the bottles of which are made from polyethylene terephthalate.
