South Korean officials have hit nine Japanese and German car parts manufacturers with millions of dollars in fines for fixing prices, say reports.
The Korea Fair Trade Commission has cracked down on the practice along with its counterpart in the US, the Department of Justice, and other regulators around the globe. This time, the KFTC hit the companies with a total of $70.7 million in fines after the firms were found to have manipulated prices for more than a decade – 14 years, to be exact. Reports say it’s the longest-ever period of price-fixing discovered by the KFTC.
According to reports, Japan-based NSK was hit hardest with the sanctions.
Full content: Korea Herald
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI