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Korea: FTC to give back $109 million won from refiners as Supreme Court overturns ruling

By  |  February 10, 2015

South Korea’s antitrust watchdog said Tuesday it will abide by a Supreme Court ruling that would force it to give back US $109.2 million it took as fines from two local oil refiners who were accused of distorting free market competition.

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    The court overturned actions taken by the Fair Trade Commission (FTC) in 2011 that claimed Hyundai Oilbank Co., S-Oil Corp., SK and GS Caltex Corp. colluded to avoid competition in winning filling stations. Tuesday’s ruling applied to S-Oil and Hyundai Oilbank.

    The FTC is now required to return the money it took as fines plus interest.

     

    Full Content: The Korea Times

     

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