Hyundai HCN fined for ignoring KFTC order

( November 10, 2016, 08:25 GMT | Official Statement) -- MLex Summary: The Korea Fair Trade Commission has imposed fines of 1.4 billion won ($1.2 million) on Hyundai HCN for not obeying one of its orders. In 2013, when the Gyeongbuk branch of the company proposed a plan to acquire a 97.46 stake in regional cable TV operator Pohang Cable Broadcasting Co, the commission approved the acquisition on the condition it did not raise TV license fees until the end of 2016. But Hyundai increased the fees between April 2013 and August 2016. The company also received an extra fine of 100 million won for submitting fabricated data to hide its illegal conduct during the commission’s investigation. The regulator's statement, in Korean, is attached....

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