KT banned from signing new Internet users for 1 mth

SEOUL, Aug 25 (Reuters) - South Korea banned KT Corp (030200.KS) on Monday from drawing new broadband customers for 30 days after the country's top fixed-line and broadband firm disclosed customer information to other companies.

The Korea Communications Commission said in a statement that KT was fined 428 million won ($398,900) as it used the information to sell new products without customers' consent, and ordered the firm to correct those activities which violated rules.

KT has 90 percent of South Korea's fixed-line market and 44 percent of broadband customers.

The commission also ordered LG Powercomm, a broadband unit of LG Dacom (015940.KS), to halt signing new customers for 25 days and fined it 53 million won for similar charges to its bigger rival KT's.

The statement was issued after the close of domestic stock markets. ($1=1072.9 Won) (Reporting by Kim Yeon-hee; Editing by Louise Heavens)