A PYMNTS Company

South Korea: Hyundai Motor fined most for unfair practices

By  |  October 9, 2016

Hyundai Motor Group was fined the most for unfair business practices among the country’s top 30 conglomerates over the past five years.

    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.

    According to data submitted to Rep. Park Yong-jin of the main opposition Minjoo Party of Korea by the Fair Trade Commission, Sunday, the anti-trust agency fined Korea’s second-largest business group a combined 349.6 billion won from January 2012 through September this year.

    Hyundai Motor and its affiliates violated the Fair Trade Act on 64 occasions, according to the data. Of the 64, the companies were slapped with fines in 26 instances, and referred to the prosecution by the FTC in 12 cases.

    “Hyundai Motor Group, which has long been criticized for discriminating against Korean consumers, has been engaged in a wide range of unfair practices by using its dominant market position,” Park said. “The FTC and other government agencies should look more closely into how the automaker treats consumers differently from country to country and its other unfair behavior.”

    Full Content: Korea Times

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