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South Korea: Watchdog shatters glass cartel

By  |  June 10, 2013
South Korea: Watchdog shatters glass cartel

South Korea’s competition regulator, the Fair Trade Commission, has announced a fine worth more than $34 million on two glass manufacturing companies for price-fixing. The regulator announced the fine issued to KCC Corp. and Hankuk Industries Inc., which together control about 80 percent of the plat glass market in South Korea. Further, the watchdog noted that it would refer two executives from the companies to regulators for further investigation in a move that could potentially lead to prosecution. An investigation by the FTC found that between November 2006 and April 2009 the companies colluded to manipulate prices of their glass products through phone conversations and online meetings, say reports.

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    Full Content: Yonhap News Agency

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