Arab Today, arab today 4 korean oil refiners ordered to return pricefixing profits to state coffers
Last Updated : GMT 18:33:13
Arab Today, arab today
Arab Today, arab today

4 Korean oil refiners ordered to return price-fixing profits to state coffers

Arab Today, arab today

Arab Today, arab today 4 Korean oil refiners ordered to return price-fixing profits to state coffers

Seoul - Yonhap

Four South Korean oil refineries that had colluded to sell oil to military installations at above-market prices from 1998-2000 have been ordered to cough up 135.5 billion won (US$121.8 million) to state coffers, the state procurement agency said Monday. The ruling by the Seoul High Court comes 13 years after the then-defense ministry\'s acquisition department, now the Defense Acquisition Program Administration (DAPA), filed a compensation suit against the four refineries -- SK Energy Co., GS Caltex Corp., Hyundai Oilbank Corp. and S-Oil Corp. -- to confiscate excessive profits gained through price fixing.

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