Seoul: The antitrust watchdog returned more than 130 billion won (US$93.8 million) in fines back to companies last year, mostly after losing lawsuits, data showed Wednesday.

According to Yonhap News Agency, data submitted to Rep. Lee Yang-soo of the main opposition People Power Party revealed that the Fair Trade Commission (FTC) refunded 131.94 billion won in 2024. This amount represents a 73 percent increase from the 76.26 billion won refunded the previous year.

Of the total refunds, a significant 93.2 percent, or 122.93 billion won, was due to court rulings against the FTC across 34 cases. This highlights a growing trend where a larger portion of imposed fines is being overturned by legal judgments.

The data further indicated that the proportion of the FTC's refunded fines, which stood at a modest 4.8 percent in 2020, surged to a substantial 43.8 percent last year. This trend suggests a potential issue with the FTC's initial assessments and fine impositions.

Rep. Lee expressed concerns over this development, noting, "The sharp rise in the refund amount raises concerns that the FTC may be imposing excessive fines without sufficient legal review or case analysis."