Tuna Company Fined and Faces 3-Month Lending Ban Over Loan Law Violations
Creatrip Team
3 months ago
Dongwon Industries, known for seafood (동원산업), was found to have violated Korea's Loan Business Act while operating a B2B lending service for refrigerated logistics clients. A local government inspection uncovered two issues: failure to report changes in registered information (such as investor or executive changes) within the required 15 days, and omission of required handwritten entries on loan contracts. Authorities issued a notice imposing an 8 million KRW fine (subject to a 20% reduction if self-paid) and a partial three-month suspension of lending operations. Dongwon added lending to its corporate charter in 2009 to provide financing (6–10% interest) for business customers rather than consumer “private loans.” The company is preparing explanatory materials and considering submitting mitigation reasons during the appeal period; if it does not object, the penalties will take effect as notified.
