S. Korea FTC Fines 8 Chemical Cos. For Price-Fixing

Law360, New York (June 24, 2008, 12:00 AM EDT) -- South Korea's Fair Trade Commission on Sunday handed down its third fine in the past year against companies in the country's petrochemical sector, slapping eight major firms with a total of 12.7 billion won ($12.3 million) for alleged price-fixing.

The chemical companies affected by Sunday's fines include SK Energy, GS Caltex, Samsung Total Petrochemical Corp. and Honam Petrochemical Corp., Reuters reported.

Beginning in 2000, the companies held regular meetings to fix prices of six petrochemical products, including Sytrene Monomer, Toluene, Xylene and Mono-Ethylene Glycol, which are...
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