Hyundai, Hyosung request FTC to recognize new group chiefs Posted : 2021-03-02 16:00 By Nam Hyun-woo Hyundai Motor Group and Hyosung Group requested that the Fair Trade Commission (FTC) recognize their new chairmen, according to the Fair Trade Act, which regulates chaebol's business practices. This recognition bears significance because it determines the FTC's scope in considering whether certain companies are affiliated as a conglomerate or not. That status subsequently decides which companies are subject to regulations on conglomerate owners' unfair profiteering from intra-affiliate trading. According to industry officials, Hyundai Motor Group has recently requested the FTC to recognize Chairman Chung Euisun as the group's chief, according to the act. If the antitrust agency accepts this request and announces Chung as the chief, the automobile giant will have a new legal chief for the first time in 21 years.