Gee Hong KIM who leads the Antitrust & Competition Practice at JIPYONG LLC received the highest recognition in the country on April 1, 2020, in commemoration of the 19th Fair Trade Day. He was nominated for the presidential award by the Korea Fair Trade Commission (KFTC) for remarkable contributions to Korea’s market economy and fair trade practices. Over the years, Gee Hong Kim has represented and advised the KFTC in a number of landmark cases, gaining reputation as one of the most pioneering and brilliant attorneys of his time. Under Gee Hong Kim’s leadership, Jipyong’s antitrust team successfully represented the KFTC in a historic decision against Qualcomm for abuse of market dominance and defeated the global giant’s lawsuits to set aside the KFTC’s largest fine to date of KRW 280 billion (around USD 231.5 million). Gee Hong Kim continues to handle the most challenging and high-profile competition cases, such as the acquittal of Kakao Corporation’s chairman and the KFTC’s investigation into the nation’s largest search engine Naver Corporation. According to Gee Hong Kim, the Presidential Commendation means that Jipyong’s reputation in the field is truly unique – it is not only sought after by companies that want first-class advice, but also trusted and respected by the formidable KFTC, one of the leading competition authorities of the world.
The Fair Transactions in Subcontracting Act (“Subcontracting Act”) first enacted in 1984 regulates unfair trade practices in subcontract transactions to prevent abuse of power by contractors. An amendment to its Enforcement Decree was passed by the National Assembly in March 31, 2020 and will come into effect on July 8, 2020. This amendment brings two important changes to the main contractor’s obligations. First, every contractor must provide payment guarantees in construction subcontracts regardless of its credit rating. Second, any arrangement for direct payment from the employer to the subcontractor must be made within 30 days of executing the subcontract. For any inquiries regarding the latest changes to the Subcontracting Act and its Enforcement Decree, please contact JIPYONG LLC’s Antitrust & Competition Practice Group.  
   
  Min Hee LEE Seung Hyun KIM Ki Seung KOH Gee Hong Kim
   
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