Hyundai Oilbank Co., one of six liquefied petroleum gas distributors fined by South Korea’s Fair Trade Commission for price fixing, lost an appeal against the antitrust regulator’s 26.3 billion won ($24 million) penalty.
The Seoul High Court ruled that the commission’s fine was appropriate as suppliers looked to implicitly reach an agreement on fixing prices, Hyundai spokesman Koh In Soo said by phone today.
The commission imposed fines totaling 668.9 billion won last year on companies including GS Caltex Corp., S-Oil Corp. (010950), E1 Corp. (017940) and SK Gas Co. for fixing fuel prices for six years. SK Energy Co. wasn’t required to pay its fine after being the first company admit to wrongdoing.
To contact the reporter on this story: Sangim Han in Seoul at firstname.lastname@example.org
To contact the editor responsible for this story: Amit Prakash at email@example.com