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KFTC fines corrugated cardboard makers in price-fixing case

( March 14, 2016, 04:05 GMT | Official Statement) -- MLex Summary: The Korea Fair Trade Commission, or KFTC, has decided to impose combined fines of 118.4 billion won ($99.9 million) on 12 corrugated cardboard manufacturers in a case involving alleged price fixing. The companies include Asia Paper, Daeyang and Dongil Paper. They stand accused of involvement in cartel activity nine times between June 2007 and March 2012. Executives from each firm allegedly held meetings at local restaurants to decide the price of products. The price increases resulting from the meetings were worth 295,000 won per tonne. The firms had an 80-percent market share and severely hampered price competition, the KFTC said. The agency also decided to sue each company over their alleged conduct. The regulator's statement, in Korean, is attached....

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