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Auto parts maker Hanon Systems fined 1.4bn won in South Korea

( March 2, 2026, 03:01 GMT | Official Statement) -- MLex Summary: South Korean auto parts maker Hanon Systems has been fined 1.4 billion won ($987,000) by the Korea Fair Trade Commission for violating the Subcontracting Act in its dealings with nine subcontractors. The KFTC said on Monday that the company failed to pay 1.3 billion won in late payment interest and 94 million won in fees related to alternative payment instruments after exceeding the 60-day statutory payment deadline. The regulator ordered the company to pay the overdue interest and fees in full. It also found that the company failed to issue written contracts and certificates of receipt and did not notify subcontractors of inspection results as required by law. Hanon Systems supplies automotive air-conditioning, cooling and heating systems to major carmakers including Hyundai Motor, Hyundai Mobis and Ford.The statement is attached (in Korean)....

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