South Korean Supreme Court backs KFTC decision to fine Hyundai Steel over price fixing
( June 9, 2017, 05:37 GMT | Insight) -- South Korea's Supreme Court has upheld a decision by the Korea Fair Trade Commission to impose a corrective order and fines of 24 billion won ($21 million) on Hyundai Steel for price fixing, Finomy reports.South Korea's Supreme Court has upheld a decision by the Korea Fair Trade Commission to impose a corrective order and fines of 24 billion won ($21 million) on Hyundai Steel for price fixing, Finomy reports. The company was accused of fixing the price of cold-rolled steel plates along with Dongbu Steel and Union Steel between February 2005 and November 2010. They had repeated meetings during the period to decide prices and to reach an agreement not to provide discounts. The KFTC found that the actions were a violation of Article 22 of the Monopoly Regulation and Fair Trade Act. Hyundai filed an appeal to cancel the sanctions and the Seoul High Court ruled in favor of the company, saying the commission should recalculate the fine, but the Supreme Court reversed that decision by backing the KFTC and returned the case to the high court. ...
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