antitrust watchdog collects more than 900bn won in fines in 2012
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Antitrust watchdog collects more than 900bn won in fines in 2012

Arab Today, arab today

Arab Today, arab today Antitrust watchdog collects more than 900bn won in fines in 2012

Seoul - Yonhap

South Korea's antitrust watchdog said Sunday its collection of fines from companies for price-fixing schemes hit a record high in 2012. The Fair Trade Commission (FTC) said in a report to the National Assembly that it collected 916.2 billion won (US$855 million) last year, compared with 349.1 billion won in 2011. The hike came as the watchdog collected unexpected large fines from violators. The FTC said it collected a combined 235.7 billion won last year from instant noodle makers and construction companies for colluding to fix prices. Recently, the FTC has decided to fine seven truck manufacturers a combined 116 billion won for colluding to fix prices. The companies include Hyundai Motor and Scania Korea, which were ordered to pay 71.7 billion won and 17.6 billion won, respectively, according to the FTC. Still, the watchdog's collection of fines could fall this year as it failed to prevail in court in several high-profile cases involving big companies over their alleged price rigging. In May, the Supreme Court ruled in favor of Daewoo Engineering & Construction Co. after the builder challenged a fine of 6.2 billion won imposed by the FTC. The builder had complained that it was forced to pay the money because the FTC did not recognize its leniency clause that absolves a company engaged in illegal price fixing of paying any fines, if it is the first one to report the crime to authorities. In 2011, the FTC slapped fines on insurance companies over their alleged conspiracies to fix prices, but the Seoul High Court ruled in favor of the insurance companies in July, citing lack of evidence. The FTC is required to return more than 50 billion won to insurance companies if the Supreme Court upholds the decision by the high court.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

antitrust watchdog collects more than 900bn won in fines in 2012 antitrust watchdog collects more than 900bn won in fines in 2012

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

antitrust watchdog collects more than 900bn won in fines in 2012 antitrust watchdog collects more than 900bn won in fines in 2012

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday