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South Korea: Watchdog eyes international price-fixers

By  |  June 26, 2014

South Korea’s competition authority has reportedly launched an investigation into manufacturers of bearing parts based in Japan and Germany on suspicion of price manipulation.

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    According to an unnamed government source, the Fair Trade Commission are probing bearing makers for price collusion, affecting manufacturers within South Korea. An official at the FTC told reporters that the authority has already sent the results of its probe to the suspected companies.

    The FTC will now await those companies’ responses on the matter.

    Earlier reports said the companies are suspected of fixing bearing prices for more than a decade, affecting domestic conglomerates like Samsung Electronics.

    The unnamed official noted that the FTC has not determined the level of punishment it plans to impose on the price-fixers.

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