Samsung Group, South Korea’s largest conglomerate, said Wednesday it plans to draft measures to root out price rigging practices by next month amid growing public criticism against price collusion by big businesses.
The group quoted Kim Soon-taek, head of the group’s revived team named the Samsung Corporate Strategy Office, as saying that price collusion is a clear act of harming a company.
The group, which controls tech giant Samsung Electronics Co., said it plans to determine causes of why price collusion has yet to be eliminated in the industry and will unveil comprehensive countermeasures against price-fixing practices by February.
Samsung’s move comes after the country’s antitrust watchdog fined Samsung Electronics and LG Electronics Inc. a combined 44.64 billion won ($39.6 million) on Jan. 12 for rigging prices of their major home appliance products.
Under a lenience program, however, the companies will pay far less in fines since they self-reported to the Fair Trade Commission.
Green Consumer Network, a consumer advocacy group, said it will seek to lodge a class action suit against the two companies on behalf of consumers angry with the practices of big business groups.
In a rare move, the antitrust watchdog said it plans to cover some of the expenses needed to muster consumers wanting to join the legal action. (Yonhap News)
