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SMR Automotive Modules Korea fined by South Korean competition regulator for unfair-subcontracting practices

( August 20, 2024, 06:06 GMT | Official Statement) -- MLex Summary: SMR Automotive Modules Korea, an auto-parts manufacturer, has been hit with corrective orders and a 208 million won (about $156,000) fine by South Korea's competition watchdog for unfair-subcontracting practices. According to the Korea Fair Trade Commission, the company was found to have violated multiple regulations in its dealings with six subcontractors in the automotive mirror-mold manufacturing sector between 2020 and 2023, including failing to issue written contracts or receipts, delaying payments and not paying required fees and interest. The regulator said it would continue to monitor and strictly enforce fair-subcontracting practices in the sector.The statement, in Korean, is attached....

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