Four micropayment companies, which account for more than 90% of the mobile phone micropayment market, were sanctioned by the Fair Trade Commission after it was revealed that they had been colluding to raise late fees for nine years.
The FTC imposed a fine of 16.93 billion won on four companies: KG Mobilians, Danal, SK Planet, and Galaxy Armory Tree, and KG Mobilians and SK Planet decided to file a complaint with the prosecution.
It was found that they jointly introduced arrears fees and set the level of late fees at 5% of the unpaid amount.