A PYMNTS Company

South Korea Offers Rewards To Price-Fixing Whistleblowers

 |  June 23, 2021

South Korea’s antitrust regulator announced on Wednesday, June 23, it has provided a record 1.75 billion won (US$1.5 million) in rewards to a person who reported seven steelmakers’ alleged price fixing.

The Korea Fair Trade Commission (KFTC) decided in January to fine the country’s No. 2 steelmaker Hyundai Steel, its smaller rival Dongkuk Steel Mill, and five other steelmakers a combined 300 billion won (US$263.7 million) for colluding to fix the purchase price of steel scrap.

The commission stated it was able to take stern actions against them as the informant provided detailed evidence about their price collusion.

In the first half, the KFTC provided a combined 1.89 billion won to 20 people who gave tip-offs over price fixing and other illegal business activities.

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