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South Korea: Watchdog tears up paper cartel

By  |  October 14, 2014

South Korean officials have announced fines issued to several paper manufacturers for price-fixing, say reports.

A total of $10 million was sanctioned against six companies for manipulating paper cup prices, according to reports. The Fair Trade Commission announced KleanNara, Hansol, Moorim Paper, Hanchang Paper, Korea Green Paper and Hansol Artone were the companies found to have colluded to alter product costs.

Reports say the FTC found the companies colluded to predetermine price hikes for their products through secret meetings held between 2007 and 2012. Authorities found that thanks to the collusion, prices increased by 47 percent over the time period under question.

Full content: Yonhap News Service

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