In 2018, Korea amended its product liability law to allow among other things, punitive damages. These changes should be on the radar of every multinational manufacturer and supplier, selling or distributing products in Korea. A short summary of the changes is as follows: 1. Introduction of punitive damages The current product liability law limits the […]
Law firms and other service oriented organizations are just beginning to realize that risk management concepts apply to them as well as manufacturing based organizations. Lately, consultants are advising law firms to implement project control methods, look at legal processes from a six sigma point of view and even apply the basics of marketing 101 […]
In the past I have commented on crisis management and the tools needed to handle such crisis in today’s business environment. Of course what companies are finding out is that international crisis are harder to handle than domestic ones. Why? In today’s world, many companies do business internationally. Because of international considerations, an international crisis […]
On November 19, 2019, the Korea Fair Trade Commission (the “KFTC”) announced it was creating a task force that would investigate unfair trade practices in the information, communication and technology industry- ie ICT Industry. . Although the KFTC had established a task force team for the ICT industry in 2016, the team had been inactive […]
The other day I had lunch with a friend who was lamenting the fact his company’s sales team continued to ink deals without any regard for risk. When he asked them why they continued to do so, the reply was “that’s the way we have always done things.” Unfortunately, many companies continue to plod along […]
Leniency programs have been used quite successfully around the world to battle cartels. The same holds true in Korea. Since its introduction in 1997, Korea’s leniency program has become the most important and effective means of cartel discovery. Korea’s leniency program was updated in 2005 which improved predictability and reliability. From 2005 to 2018, Korea’s […]
