South Korea Fines Rubber Companies $6M

Law360, New York (April 9, 2007, 12:00 AM EDT) -- Baring its teeth for the third time this year, South Korea’s competition watchdog has imposed a 5.6 billion won ($6 million) fine on two synthetic rubber companies for alleged price collusion.

The South Korea Fair Trade Commission said on Sunday that Kumho Petrochemical and Seetec Ltd., formerly known as Hyundai Petrochemical Co., colluded to raise the prices of synthetic rubber used to make tires.

The two companies—which supply 91% of the country's total demand for synthetic rubber—hiked prices by 12%-18% four times over a three-year period...
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