South Korea’s Fair Trade Commission announced Thursday that it has sanctioned four public corporations and their affiliates a total of $13.9 million for anticompetitive conduct.
Reports say Korea Electric Power, Korea Expressway, Korea Railroad and Korea Gas, along with their affiliates, unfairly discriminated against some companies in favor of doing business with others, all while abusing their market power to force the companies they partnered with to cut prices.
In a statement, the KFTC said the companies “have been ordered to make changes to the way they conduct transactions in the future.”
The watchdog added that because the companies are public, they hold significant influence in how business is done in their perspective markets. The firms hold monopolies over their industries, reports say, causing “a chain reaction of unfair practices that could hurt small and medium enterprises down the line,” the KFTC said.
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