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Korea Fines Hyundai, Other Truckmakers for Price Fixing
South Korea's Fair Trade Commission has levied combined penalties of 116 billion won ($104 million) against Hyundai Motor Co. and six truckmakers that import vehicles to Korea.
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South Korea's Fair Trade Commission has levied combined penalties of 116 billion won ($104 million) against Hyundai Motor Co. and six truckmakers that import vehicles to Korea.
The watchdog group alleges that the companies participated in a price-fixing scheme that inflated prices of cargo vehicles, dump trucks and tractors sold in the country.
The other companies are the Korean units of Daimler Trucks, Iveco, MAN, Tata Daewoo, Scania and Volvo. The FTC says that in 55 meetings between December 2002 and April 2011, the seven companies exchanged inventory, pricing and production information.
The anti-trust authorities imposed the heaviest fine 71.7 billion won ($64 million) on Hyundai. The company insists it didn't do anything illegal. But it plans to pay the penalty.
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