S. Korea Fines Oil Refiners $400M For Collusion

Law360, New York (May 26, 2011, 6:19 PM EDT) -- South Korea's competition watchdog on Thursday said that it fined SK Innovation Co. Ltd., S-Oil Corp., GS Caltex Corp. and Hyundai Oilbank Co. Ltd. 434.8 billion won ($399 million) for collusion, and that three of the oil refiners could face criminal charges.

The Korea Fair Trade Commission levied the fines against the refiners for agreeing to deny gas station requests to change their brands in order to maintain market share stability, according to Andrew J. Park of McKenna Long & Aldridge LLP.

SK Innovation, GS Caltex...
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