Search Giant Naver Fined $31 Million For Non Transparency

South Korea’s biggest Internet portal Naver was hit with an unprecedented 26.7 billion won (S$31 million) fine Tuesday (Oct 6) for manipulating search results in favour of its own online shopping service.

 

Naver is an equivalent to Google in South Korea, with an omnipresent status in everyday lives through services including its search engine, news portal, online shopping and blogs.

It is the third-largest company quoted on Seoul’s main stock exchange, with a market capitalization of 50 trillion won – just behind memory chip giants Samsung Electronics and SK Hynix.

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