French retailer Carrefour has been fined 1.39 billion won ($1.5m) for unfair business practices in South Korea.

The Korea Fair Trade Commission ruled that Carrefour had forced suppliers to cut prices to save money on supply orders and had intentionally delayed signing contracts with suppliers.

The commission said: "This move is aimed at rectifying unfair activities by large wholesale and retail operators toward their suppliers.”

In April this year Carrefour sold its 32 stores in the country to South Korean retailer E-Land for $1.85bn.