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South Korea: Regulator levies $3.2 million fines against Japan Auto Parts for price fixing

By  |  March 26, 2015

South Korea’s antitrust regulator will fine five auto parts firms, including Japan’s Denso Corp, NGK Spark Plug and their local units, a total of 3.5 billion won for fixing prices and rigging bids for engine parts.

The regulator’s fine is the latest in a global crackdown on price-manipulation by auto component makers.

In a statement, the Fair Trade Commission said the five firms colluded on bid prices and winners for parts tenders made by South Korea’s biggest automakers Hyundai Motor and Kia Motors from 2008 and 2011.

Denso Corp and its South Korean unit will face a combined fine of a 1.36 billion won. NGK Spark Plug and its South Korean subsidiary will be fined 1.513 billion won and local firm Yura Tech will be fined 629 million won, the statement said.

 

Full Content: The Korea Observer

 

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