Korean Banks Face Cartel Investigation: Report

Law360, New York (March 20, 2008, 12:00 AM EDT) -- The South Korean Fair Trade Commission's new chief will reportedly examine suspicions of a cartel among banks next week, in a review that is expected to suggest whether the commission's hawkish tone towards business will change under his reign.

The KFTC has concluded internally that major commercial banks have colluded to fix prices for four different services in the last three to five years, the Korea Herald reported on Wednesday.

The new KFTC chairman, Baek Yong-ho, however, is seen as being more business-friendly than his predecessor,...
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