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Kakao Mobility fined $10.5m for unfair taxi practices
South Korea’s Fair Trade Commission (FTC) has imposed a fine of 15.1 billion won (US$10.5 million) on Kakao Mobility Corp., the operator of the leading taxi-hailing service in the country, for alleged unfair business practices.
The FTC accused Kakao Mobility of manipulating its algorithm to prioritize ride requests for taxis affiliated with its franchise over non-franchise taxis.
The fine of 15.1 billion won (US$11.48 million) was reduced from an initially proposed penalty of 72.4 billion won (US$55.02 million).
The FTC indicated that the first figure was based on an overestimation of Kakao Mobility’s operating profits.
Recent Kakao Mobility developments
| Timeline |
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03-Oct-2024 🚖 Kakao Mobility fined $54.8m for antitrust violation
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26-Jun-2023 🚗 Kakao Mobility inks deal with Vietnam-based VinFast
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16-Oct-2020 🛴 Uber enters into JV with SK Telecom to advance in tough South Korean market
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08-Mar-2019 🚖 Kakao carpool app gets green light amid fierce protests from taxi unions
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06-Mar-2019 🚲 In brief: Kakao launches e-bike sharing service in South Korea
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