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Japan/Korea: Two more probes added to BP’s price-fixing woes

By  |  March 7, 2014

EU gas conglomerate BP has confirmed that price-fixing investigations into the company have been launched by Japanese and South Korean competition authorities, say reports.

The EU’s third-largest energy producer announced that the Japanese Fair Trade Commission contacted the company requesting information last June; BP also said the Korea Trade Commission launched its probe in December.

The revelations follow previously-announced investigations by EU and US competition authorities over pricing practices at BP. The European Commission raided BP, along with Royal Dutch Shell and Statoil to probe oil benchmark setting.

In the US, 15 law suits have been filed against BP for claims of price manipulation.

Full Content: Businessweek

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