"Let's keep it reasonable"... Government conducts joint inspections against price gouging ahead of BTS concert in Busan

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\r\n[Financial News]   Ahead of the BTS concert in Busan on June 12-13, the government will launch a joint response to excessive lodging fees.
According to MOIS on the 29th, it will conduct joint special on-site inspections on the 29th, June 8 and June 9, together with MCST, MOHW, NTS, KFTC and the National Police Agency.
The inspection team will closely check whether lodging businesses are properly displaying and complying with their posted prices.
The government sees a major risk that some lodging providers may cancel existing reservations and resell rooms at higher prices, or fail to honor posted rates during the concert period.
Earlier, President Lee Jae-myung also pointed out on the 27th that "Busan's image is taking a hit because of so-called lodging price gouging in connection with the BTS concert. I think we need to make some improvements." He added, "People are not angry simply because prices are high. They get angry when they reserve a room for 100,000 won, have it canceled for a strange reason, and then see it resold to someone else for 1 million won," warning that "those cases should be punished very severely."
The government also plans to launch a "campaign to eradicate price gouging" with private groups such as the Korea Accommodation Association, encouraging voluntary participation from local merchants and residents.
The inspection team will focus on areas where price gouging is likely to occur. If violations are found, it will work with relevant ministries to take swift action, including sanctions under applicable laws and on-site guidance.
Through these efforts, the government aims to actively respond to complaints from domestic and international tourists and resolve problems on the ground.
Kim Min-jae, Vice Minister of MOIS, said, "As the BTS concert is drawing global attention, it is important to create an environment where all visitors to Busan can stay without inconvenience." He added, "We will do our utmost to use this special inspection as an opportunity to further strengthen the Republic of Korea's credibility abroad."
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spring@fnnews.com Reporter Lee Bomi Reporter