South Korea's Fair Trade Commission will reduce administrative-fine relief for companies that first self-report collusion after an investigation has begun. Under amendments announced on the 23rd, reports made before an investigation starts will retain a 100% reduction, while the first post-investigation report will qualify for a 75% reduction instead of the current full exemption. Companies with a prior collusion record within the past five to 10 years will receive only a 50% reduction even when they report first before an investigation; the existing ban on leniency for records within five years remains. The restrictions will also apply after a corporate split or business transfer. The FTC plans to complete the revision in the first quarter of next year. Separately, Orion, Daou Technology, Global Sae-A, OK Financial Group, E Broadcasting and Geumbo Development submitted letters of intent for management rights of JoongAng Ilbo, which entered a corporate workout in July. The sale will use a third-party allotment capital increase, making the successful bidder the largest shareholder while directing proceeds to the company. Full due diligence is expected next month, while CJ Group did not bid and Janggeum Merchant Marine denied considering the acquisition.