South Korea's Fair Trade Commission (FTC) fined Kakao (KRX:035720) subsidiary Kakao Mobility 72.4 billion won over alleged monopolistic practices, Yonhap News reported Wednesday.
The company allegedly pressured smaller competitors such as Uber, Banban Taxi, Macaron Taxi, and Tada to sign partnership deals, threatening to block their access to its Kakao T taxi-hailing service if they refused, the report said.
The antitrust regulator forwarded the case to the prosecution for further investigation, the news agency reported.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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