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Legal Status of Joint Ventures under Korean Competition Law

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Authors
Lee, Bong-Eui
Issue Date
2008
Publisher
BK 21 law
Citation
Journal of Korean Law, Vol.8 No.2, pp. 433-453
Keywords
joint venturescompetition lawlegal definitionjoint controlambivalent naturemarket concentrationcarteldouble controlsimplified proceduresafety zoneunified approachone-stop shop
Abstract
This article reviews the regulatory framework for joint ventures and presents some proposalsfor its improvement. Korean competition law does not define a joint venture, not even a concentration from substantive points of view. An establishment of a joint venture can be assumed as either a concentration or a cartel. Therefore, there is a possibility of double control of this single behavior, which could severely threaten legal certainty and predictability. Against this background, this article attempts to define the establishment of a joint venture substantively, and it means an acquisition of joint control to a newly created company by two or more undertakings. Considering that a joint venture has an ambivalent nature, or pro- and anticompetitive effects, it is suggested that a joint venture accompanied by structural changes in the participating firms will be dealt with in principle under merger control, where its cooperative effects are reviewed altogether. A joint venture for simple cooperation should be processed within a simplified procedure under certain circumstances. This would result in procedural economies without harming effective competition.
ISSN
1598-1681
Language
English
URI
http://hdl.handle.net/10371/85154
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College of Law/Law School (법과대학/대학원)The Law Research Institute (법학연구소) Journal of Korean LawJournal of Korean Law Volume 08 Number 1/2 (2008)
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