Price fixing in auto industry expands to S.Korea

Price fixing in auto industry expands to S.Korea

South Korea's Fair Trade Commission has declared three car components producing units guilty of price fixing of parts being sold to Hyundai Motor Co. A fine of 114.6 billion won ($108 million) had been imposed by the commission.

The ruling of the tribunal comes in the midst of antitrust regulators across U.S, E.U and Japan cracking down on price fixing among auto parts makers. Manufacturing units of Denso, Continental and Bosch had been slapped fines of 63, 46 and 4.5 billion won respectively for colluding on prices of instrument panels (installed on 11 million Hyundai vehicles) and wipers.

The company officials are not reachable for comments.

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