A PYMNTS Company

South Korea: Hyundai served $89M price-fixing fine

By  |  July 17, 2013

Regulators will likely fine South Korea’s largest automaker Hyundai Motor Co., along with several of its local units, an $89 million fine regarding price-fixing following findings from a two-year investigation into the market by the Fair Trade Commission. A probe into various car markers found evidence of price-fixing among Hyundai as well as Volvo Truck Korea, Scania Korea, MAN Truck & Bus Korea, and IVECO Korea; the regulator found the companies colluded to manipulate truck prices. The FTC has not, however, confirmed that it would fine Hyundai; an anonymous official told reporters of the sanction. Hyundai did not confirm the charges.

Full Content: Yonhap News Service

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