The Korea Fair Trade Commission (KFTC) has announced that it has filed a complaint with the public prosecution service against Chung Mong-kyu, the chairman of HDC Group, for allegedly failing to report 20 affiliated companies controlled by his family for nearly two decades. The omission was discovered when the KFTC examined documents submitted by Chung for the designation of business groups restricted from mutual investment from 2021 to 2024. Over the years, a total of 20 companies were omitted from the reports, including eight companies controlled by his brother's family and twelve by his uncle's family.

The KFTC emphasized that these omissions involved close relatives and companies that should have been well-known to Chung. It was noted that the majority of the omitted companies were directly owned or managed by his close relatives, and that he had maintained ongoing relationships with them through family events and business functions. Additionally, the commission pointed out a specific connection where a company owned by his uncle provided management services to a building where HDC Group operates, showing a long-standing business relationship.

Furthermore, the KFTC highlighted that the omission was not merely an oversight but possibly an indication of intent to evade regulations, especially considering the recent history where Chung's cousin had been prosecuted for similar omissions. As part of the governance and compliance review, the KFTC had found that Chung and his aides had received assurances from relatives about the shareholding conditions, illustrating a deliberate effort to minimize the visibility of these relationships in official filings, which could result in penalties for non-compliance.