South Korea FTC Approves Apple's $89 Million Correction Scheme for 'Unfair Market Practices'

South Korea FTC Approves Apple's $89 Million Correction Scheme for 'Unfair Market Practices'

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South Korea's Fair Trade Commission has approved a $100 billion won ($89m USD) correction scheme proposed by Apple to address prior unfair market practices, reports the Korea Herald.

“This is the first time that a correction scheme (to make up for unfair market practices) actually provides direct benefits to consumers such as repair and warranty cost discounts,” said the FTC Chairwoman Joh Sung-wook in a press briefing held at Seoul Government Complex. “(The FTC) shall thoroughly keep watch on whether Apple carries out the promised actions to contribute to the domestic ICT ecosystem.”

Apple was investigated for pushing the country's mobile carriers to bear expenses for iPhone television ads and warranty services. Companies accused of antitrust activity are allowed to propose a correction scheme which Apple did.

According to the final plan, Apple will spend 40 billion won to build a research and development center for small businesses in the mobile phone manufacturing sector, 25 billion won in 10% discounts for iPhone repairs and warranties, 25 billion won to establish an education center to train ICT developers, and 10 billion won to support digital education in schools and public facilities.

“We are pleased this process has reached a conclusion and look forward to expanding and accelerating our existing commitments here with these new investments that will benefit local suppliers and manufacturers, small businesses, entrepreneurs, and education,” Apple said in a statement. “This broad range of initiatives will strengthen innovation and economic opportunity across Korea. We look forward to sharing more details on these plans in the months to come.”

More details in the full report linked below...

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South Korea FTC Approves Apple's $89 Million Correction Scheme for 'Unfair Market Practices'

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