S-Oil accused of abusing dominance over Hanil Gas support funds
( February 13, 2017, 08:05 GMT | Insight) -- South Korean petroleum and refinery company S-Oil has become a target of public criticism for allegedly abusing its market-dominant position against small and medium-sized enterprises, Ajunews reports. South Korean petroleum and refinery company S-Oil has become a target of public criticism for allegedly abusing its market-dominant position against small and medium-sized enterprises, Ajunews reports. The company stands accused of refusing to provide support funds for no justifiable reason. Hanil Gas, a longtime partner to S-Oil, offered a mortgage on a piece of land as collateral and requested support funds of 3 billion won ($2.6 million). S-Oil promised to provide 2.2 billion won but did not keep that promise. Hanil decided to cancel its contract with S-Oil in August 2015 and signed a contract with SK Gas instead to resolve its own financial difficulties. S-Oil then filed a damages suit and hasn't yet returned the collateral. Hanil said that such conduct was an abuse of market dominance and it plans to file a lawsuit to resolve the issue. ...
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