A dominant super sized online marketplace, eBayGmarket forthcoming

SEOUL, Korea (AVING) — <Visual News> eBayAuction Korea and eBayGmarket Korea will finish their legitimate merger exactly a month later, on November 1st, introducing a super large eBayGmarket with 8 trillion Won based on the online trading turnover, and 72% of market share.

The Fair Trade Commission, who has conceded to the merger, stated that the internet open market is highly dynamic and the effects of competition limits are regional, predicting that problems will gradually be solved with competition.

eBayAuction Korea proclaimed then that it will optimize the synergy affects of two companies through merger, produce steady profit & improve the financial system, and strengthen its competitiveness.

(photo description: broadcasted photograph at the acquisition announcement conference held on April 16, 2009. From the left, Jae Man Park representative of eBayAuction Korea, Jae Hyun Lee total representative of eBay Asia Pacific, and Young Bae Ku representative of G market (2009). Source : ZD Net Korea)

However, the Fair Trade Commission stated on March 18, 2009, just a month before the announcement of accession to merger, that eBayAuction had installed banners on portal sites and displayed false advertisements with purpose of alluring customers. The Fair Trade Commission gave a reform order to eBayAuction who had displayed false advertisements, and imposed a fine of ten million thousand Won.

In addition, the Fair Trade Commission gave warnings and reform orders to 13 internet performance reserving sites such as Auction Ticket, which had imposed 10% of reservation costs as cancelling commission, even for those who had cancelled within 7 days of making their reservations.

eBay G market, the main leader of this corporative merger, has also received reform orders from the Fair Trade Commission which gave accessions to this merger, for displaying false advertisement catchlines, to be specific, ‘Sold at the lowest price in the world’.

It has also showed acts of threatening merchandisers that should they transact with its rival companies, they won’t be able to evade disadvantages, and further intervened with the Fair Trade Commission’s investigations into the situation by eradicating the related computer files.

President Myung Bak Lee emphasized on the 29th that should the corporate cultures of big companies and middle-sized companies change, and an environment that encourages corporate morality be readily prepared before us, our economy would be able to develop successfully.

It is to be seen what paths the eBayGmarket Korea, the biggest oligopolist to have existed in Korea ever based on online marketing turnover, will take after its merger is completed, to contribute to creating a ‘Fair and Righteous Korea’.