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South Korea: Two explosive companies fined US $59 million for price fixing

By  |  February 15, 2015

South Korea’s two only explosive manufacturers, Hanwha and Koryo Nobel Explosives, have been found by the Fair Trade Commission to have rigged market prices for over 13 years.

After the FTC launched their initial investigation that the companies stopped fixing the prices in the explosives market. Hanwha Corp. leads South Korea’s explosives market with a market share of 72%, with Koryo Nobel Explosives controlling the remaining 28%.

“Under the secret agreement, the two companies not only fixed prices that boosted profits, but cooperated to maintain the status quo in market share as well as work together to shut out new competitors,” a FTC official said.

Full Content: Companies and Markets.com

 

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