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South Korea: Japanese, German car parts makers fined

 |  November 17, 2014

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

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