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Korean Oil Companies Fined $86M For Bid-Rigging

Law360 (January 23, 2007, 12:00 AM EST) -- Five South Korean oil refiners have been slapped with $86 million in fines for allegedly colluding to set the prices of certain oil products sold to the South Korean military.

A Seoul court fined SK Corp., GS Caltex Corp., S-Oil Corp., Hyundai Oilbank and SK Incheon Oil 16.2 billion won each, for a total of 81 billion won in penalties, according to a statement from the Korea Fair Trade Commission.

The government had originally asked for 158.4 billion won.

“We recognize that the companies violated laws...
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