Korea's FTC Fines Cos. $112M For Price-Fixing

Law360, New York (February 20, 2007, 12:00 AM EST) -- South Korea’s competition watchdog announced Tuesday that it hit some of the biggest names in the country’s petrochemical industry with fines totaling more than 105 billion won ($112 million) for their alleged participation in a price-fixing scam that reportedly went on for more than a decade.

The Korean Fair Trade Commission fined refining giant SK Corp. 23.8 billion won. Korea Petrochemical was fined 21.2 billion won and LG Chem was fined 13.1 billion won, Dow Jones reported. The Fair Trade Commission accused 10 companies of involvement...
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