Seoul, July 6 (IANS) Prosecutors said on Monday they have indicted major domestic refiner HD Hyundai Oilbank and two company officials in a price-fixing case believed to be worth 26 trillion won ($17 billion) following the outbreak of the US-Iran war.The company is accused of engaging in collusive activities to raise prices of petroleum products after the war triggered sharp rises in global energy prices in late February, according to the Seoul Central District Prosecutors Office, reports Yonhap…
Latest Fair Trade Commission News & Updates
Seoul, July 6 (IANS) South Korea’s fair trade watchdog said on Monday it has launched a deliberation process into Myeong Ryun Dang, which operates a Korean barbecue restaurant chain, for allegedly offering low-interest loans to its money-lending affiliates using funds from state financing programmes.The Fair Trade Commission (FTC) said its examiners’ report showed Myeong Ryun Dang, which operates Myeong Ryun Junsa Pork Ribs, offered excessive economic benefits to 14 credit businesses under its w…
Seoul, July 1 (IANS) Seoul’s antitrust watchdog said on Wednesday it has launched an investigation into US-based Google, as well as its Singaporean and South Korean offices, over allegations of violations of the fair trade law involving game developers on its app marketplace.The Fair Trade Commission (FTC) said its examiners’ report showed Google has abused its dominance in the Android marketplace, with related sales totalling US$9.21 billion. Under the law, the watchdog may impose a fine of up …
Seoul, June 23 (IANS) South Korea’s fair trade watchdog on Tuesday approved voluntary corrective measures worth 3 billion won ($1.94 million) proposed by Coupang and its private-label affiliate over unfair dealings with subcontractors.The decision by the Fair Trade Commission (FTC) came after the watchdog’s probe found that Coupang and its wholly owned subsidiary, Coupang Private Label Brands (CPLB), had sought a consent decree to resolve the case without further legal proceedings.According to t…
Seoul, April 29 (IANS) South Korea’s antitrust regulator on Wednesday newly designated Kim Bom, founder of US-listed e-commerce giant Coupang, as the company’s de facto controlling entity, placing him under stricter regulatory oversight.Kim, a U.S. citizen who also serves as chairman of the board, was designated as the “same person” of the group, a legal term referring to the individual who effectively controls a conglomerate, the Fair Trade Commission (FTC) said.The FTC’s decision comes as Coup…
Seoul, April 27 (IANS) South Korea’s antitrust regulator on Monday ordered changes to unfair terms used by seven major e-commerce platforms, aiming to better protect consumer rights.The Fair Trade Commission (FTC) said it reviewed user agreements and identified 11 types of unfair clauses across four main categories used by platforms operated by Coupang Inc., Naver Corp., Kurly Corp., SSG.com, Gmarket, 11Street and Nol Universe Co, reports Yonhap news agency.The companies agreed to revise the ter…
Seoul, April 22 (IANS) The antitrust regulator here said on Wednesday it has decided to fine two local suppliers to Hyundai Motor and Kia, a combined 2.59 billion won ($1.75 million) for colluding to rig bids.SM Hwajin and Cubic Korea prearranged winners and bid prices in five tenders conducted between September 2020 and April 2023 to select contractors for surface treatment of vehicle interior materials, according to the Fair Trade Commission (FTC).The two companies were the only registered bid…
Seoul, March 13 (IANS) The antitrust regulator is looking into suspected price-rigging collusion cases involving gas stations in southern regions amid volatile energy prices stemming from ongoing turmoil in the Middle East, officials said on Friday.Ju Biung-ghi, chairman of the Fair Trade Commission (FTC), made the remark at a meeting of a special government task force of ministers overseeing market prices the previous day, according to FTC officials, reports Yonhap news agency.He said several g…
Seoul, March 6 (IANS) The antitrust regulator said on Friday it has begun reviewing possible penalties for four companies that allegedly colluded to set prices of sweeteners for more than seven years.Inspectors at the Fair Trade Commission (FTC) have wrapped up their six-month probe into the case and concluded that the companies formed a cartel to fix prices of starch sugar products from May 2018 to October 2025, according to FTC officials.The companies are Daesang, SajoCPK, Samyang and CJ Cheil…
Seoul, Feb 26 (IANS) South Korea’s antitrust regulator said on Thursday it has imposed a fine of 2.19 billion won ($1.54 million) on e-commerce giant Coupang for pressuring suppliers to lower prices and cover advertising costs to meet its target profit margins.Coupang was also found to have delayed payments to suppliers and failed to pay late interest, violating the Act on Fair Transactions In Large Retail Businesses, the Fair Trade Commission (FTC) said.The FTC issued corrective orders to addre…