A PYMNTS Company

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

 |  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.

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


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