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Korea Fair Trade Commission fines tugboat association for exclusionary practices

( July 22, 2015, 09:47 GMT | Official Statement) -- MLex Summary: The Korea Fair Trade Commission issued a correction order and fined the Korea Tugbusiness Cooperation, an association of tugboat operators, 142 million won ($123,200) for unfair trade practices. The company’s Ulsan branch in December 2013 held a special meeting where it decided to raise new membership fees by 13 times from 30 million won to 400 million won, which the KFTC determined was detrimental to new competitors trying to enter the market.The regulator's full statement, in Korean, is attached....

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