Samsung, LG Facing Record Fines In South Korea

Law360, New York (November 20, 2006, 12:00 AM EST) -- The biggest players in South Korea’s petrochemical industry have engaged in a price-fixing scheme for years and will soon face a record-breaking fine from the nation’s antitrust regulator, according to a news conference held in Seoul over the weekend.

Among the accused are the petrochemical subsidiaries Korean conglomerates Samsung Group and LG Group, which allegedly colluded to set prices for synthetic resins and other petrochemical goods over the past five years.

In the conference, Kwon Oh-Seung, chairman of the Korea Fair Trade Commission, said the list...
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