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US: Two more South Korean firms please guilty to price fixing fuel on US bases

By  |  March 21, 2019

US: Two more South Korean firms please guilty to price fixing fuel on US bases 
Two South Korean companies, including one majority-owned by Saudi Aramco, have agreed to plead guilty and pay $126m in criminal and civil fines for fixing prices on fuel supplied to US military bases.

Hyundai Oilbank and S-Oil agreed to plead guilty to criminal charges of bid-rigging and fraud, and pay a total of roughly $75 million in penalties, the Justice Department said. The two companies also agreed to plead guilty to a civil antitrust charge and pay a total of $52 million, prosecutors said.

Previously, three other South Korean companies, SK Energy, GS Caltex and Hanjin Transportation agreed to plead guilty and pay $236 million in criminal and civil penalties for their participation in this scheme.

Full Content:Wall Street Journal 

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