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South Korea: Auto price-fixing fines top $100M

 |  January 5, 2014

South Korean antitrust officials have fined three companies more than $100 million for their participation in an auto parts price-fixing scheme, reports say.

Late last month the nation’s Fair Trade Commission fined $108 million to Bosch, Continental AG and Denso Corp. for allegedly fixing car parts’ prices later sold to car giant Hyundai Motor Co. The fines are part of both South Korea and the US crackdown on car parts price-fixing.

According to reports, the companies are accused of fixing windshield wiper and instrument panel prices between 2008 and 2009; the parts were sold to Hyundai and its affiliate Kia Motors.

The global price-fixing case has so far yielded more than $1.6 billion in fines.

Full Content: Reuters

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