A PYMNTS Company

US: Two more South Korean firms please guilty to price fixing fuel on US bases

By  |  March 21, 2019

US: Two more South Korean firms please guilty to price fixing fuel on US bases 
Two South Korean companies, including one majority-owned by Saudi Aramco, have agreed to plead guilty and pay $126m in criminal and civil fines for fixing prices on fuel supplied to US military bases.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Hyundai Oilbank and S-Oil agreed to plead guilty to criminal charges of bid-rigging and fraud, and pay a total of roughly $75 million in penalties, the Justice Department said. The two companies also agreed to plead guilty to a civil antitrust charge and pay a total of $52 million, prosecutors said.

    Previously, three other South Korean companies, SK Energy, GS Caltex and Hanjin Transportation agreed to plead guilty and pay $236 million in criminal and civil penalties for their participation in this scheme.

    Full Content:Wall Street Journal 

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.