Sejong – (Yonhap/NAN) South Korea on Tuesday approved tougher penalties against the hoarding of protective masks and hand sanitizers, as the new coronavirus outbreak has sparked a sharp rise in demand.
The Ministry of Economy and Finance made the comment in a statement.
Under the new rule, a person who engages in hoarding of such products would face a prison sentence maximum of two years or a maximum fine of 50 million won (US$42,108), the statement said.
According to the ministry, such penalties would go into effect Wednesday and would be in force until April 30.
It added that some 180 inspectors, including those from the police and antitrust watchdog, are assigned to crack down on hoarding activities.
Earlier, Finance Minister Hong Nam-ki told reporters that there could not have been shortages without unfair business practices, such as hoarding.
“The government will do the following to discourage market manipulation, particularly in the face mask market.’’
Hong said market manipulation of protective masks, such as price rigging, will be treated as administrative and criminal offenses.
The new coronavirus, which was first detected in the Chinese city of Wuhan in Dec. 2019 has killed more than 460 people and infected more than 20,000.
The supply of masks has not met demand in South Korea, with some industry watchers blaming Chinese tourists and merchants for going on a buying binge here to protect themselves from the coronavirus.
It is increasingly difficult to purchase masks with good filtering features either online or at brick-and-mortar stores and pharmacies.
Concerns about the spread of the virus have deepened, with South Korea having reported 16 cases of the new coronavirus so far.
(Yonhap/NAN)
