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KFTC probes duty-free stores over alleged price fixing

( April 6, 2016, 04:11 GMT | Insight) -- The Korea Fair Trade Commission has launched an investigation of eight duty-free shop operators, including Lotte, Shilla and SK Walkerhill, for alleged price-fixing, Yonhap News reports.The Korea Fair Trade Commission, or KFTC, has launched an investigation of eight duty-free shop operators, including Lotte, Shilla and SK Walkerhill, for alleged price-fixing, Yonhap News reports. The firms stand accused of fixing the prices of their products by adjusting the won-dollar exchange rate between 2008 and 2012. The retailers did not reflect the exchange rate notified by Korea Exchange Bank daily, the commission said. But the companies claimed it was hard to apply the notified exchange rate each day because price tags would need to be changed every day. The KFTC plans to accept opinions from each firm until Friday and it will then determine whether they were involved in fixing prices. If the allegations are found to be true, the accused firms could face fines of 10 percent of their relevant sales revenue. ...

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