South Korea will eliminate prison sentences for most nonmalicious corporate violations and sharply raise fines for serious business misconduct under a wide-ranging legal reform announced Tuesday by the government and the ruling Democratic Party.
The revision affects 331 economic statutes across areas such as fair trade, subcontracting, franchise operations and digital compliance. It replaces the long-standing "punishment-first" enforcement model with one that prioritizes corrective orders and financial sanctions.
Under the changes, maximum
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