Diageo, the UK-based drinks company, on Tuesday lost its licence to import alcohol into South Korea, the world’s fourth-largest whisky market. It was also fined Won290m ($313,000) after tax authorities found it was involved in illegal sales to unlicensed wholesalers.

Both Diageo and rival Pernod Ricard face a separate investigation for allegedly raising slush funds to be used for bribery, charges that likewise carry heavy penalties.