South Korea: KFTC fines shippers for collusion

South Korea’s antitrust watchdog said Monday that it has imposed a combined ₩43 billion (US$37.8 million) in fines on nine global auto shipping companies for bid rigging and price fixing.

The Korea Fair Trade Commission (KFTC) said the nine car carriers allegedly colluded to participate in auctions arranged by carmakers, including General Motors, Renault Samsung Motors and Toyota Motor, between 2002 and 2012.

The nine companies are Japan’s Nippon Yusen Kabushiki Kaisha, Mitsui O.S.K. Lines, Kawasaki Kisen Kaisha, Nissan Motor Car Carrier, Estern Car Liner, Norway’s Wallenius Wilhelmsen Logistics, Hoegh Autoliners, Chile’s Compania Sudamericana de Vapores and South Korea’s Eukor Car Carriers.

“By respecting their previous contracts and at the same time requesting that other companies respect their own contracts, a smear agreement was made on the different routes internationally,” said Ahn Byung-hoon, head of the KFTC’s international cartel department.

Full Content: Korea JoongAng Daily

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