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South Korea: Oil price-fixers ordered to repay millions in profits

By  |  August 26, 2013
South Korea: Oil price-fixers ordered to repay millions in profits

Four oil companies found to have conspired to fix prices of fuel sold to military installations were ordered to return profits made during the collusion, say reports. The four refineries – SK Energy, HS Caltex, Hyundai Oilbank and S-Oil – will need to pay $121.8 million to state coffers following a ruling by the Seoul High Court. The companies were found to have fixed prices to above-market rates between 1998 and 2000. The nation’s Defense Acquisition Program Administration first tiled the compensation suit against the firms 13 years ago. Following the scandal, the nation’s Fair Trade Commission fined the companies; a separate compensation suit was filed in 2000.

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