Korea’s antitrust watchdog appears likely to fine the country’s largest automaker Hyundai Motor Co. and local units of four foreign carmakers a combined 100 billion won ($89 million) for allegedly colluding to fix prices, an industry official said Wednesday.
The move comes as the Fair Trade Commission has confirmed after a two-year probe that Hyundai, Volvo Truck Korea, Scania Korea, MAN Truck & Bus Korea and IVECO Korea conspired to fix prices of their trucks, the official spoke on the condition of anonymity, citing the issue’s sensitivity.
FTC officials handling the issue were not immediately reached for comment.
A Hyundai spokesman said he could not confirm the alleged price fixing ahead of an official announcement by the FTC.
Scania Korea said it had no immediate comment, while a call to Volvo Truck Korea seeking comment wasn’t immediately returned.
The planned penalty comes three months after the FTC vowed to eradicate price-rigging practices in the corporate sector as part of efforts to create a fairer business environment. (Yonhap News)
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