Seoul, September 28, 2026 (Yes Punjab News)
South Korea’s Fair Trade Commission (FTC) has imposed a 14.8 billion-won ($10.8 million) fine on the operator of popular Korean barbecue chain Myeong Ryun Jinsa Pork Ribs for allegedly providing preferential financing to 14 affiliated private moneylenders.
The FTC said Myeong Ryun Dang extended a total of 298.3 billion won to the affiliated lenders at unusually low interest rates between December 2021 and April 2026, allowing them to obtain financing on terms that would otherwise have been difficult to secure independently.
According to the watchdog, the loans carried annual interest rates of 2.3 per cent or 4.6 per cent, resulting in an estimated 21.7 billion won in economic benefits for the affiliated lenders.
The lenders subsequently provided loans to Myeong Ryun Jinsa Pork Ribs franchisees at interest rates ranging from 12 to 18 per cent, the FTC said.
The commission said each of the 14 affiliated lenders received between 10 billion won and 15 billion won in low-interest financing, reducing their funding costs and financial risks.
The FTC also accused Myeong Ryun Dang of failing to disclose important information to prospective franchisees, including its relationships with the lenders, loan conditions, connections between franchise and loan agreements, and repayment arrangements.
The regulator imposed a 10.4 billion-won penalty for allegedly providing unlawful support to affiliates and another 4.4 billion won for allegedly withholding information about the lenders from prospective franchisees.
The FTC said the 14 moneylending companies were effectively owned by Myeong Ryun Dang’s owner, meaning the economic benefits ultimately flowed to the owner’s family.
The investigation also found that the funds provided to the affiliated lenders included 79 billion won in low-interest financing from state-run Korea Development Bank.
The FTC has decided to file a complaint against Myeong Ryun Dang and its chairman in connection with the case.
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