ID :
24954
Thu, 10/16/2008 - 19:21
Auther :
Shortlink :
http://m.oananews.org//node/24954
The shortlink copeid
Import car dealers fined for price rigging
SEOUL, Oct. 16 (Yonhap) -- South Korea's antitrust watchdog said Thursday that it has slapped a fine of over 20 billion won (US$15.16 million) on a group of import car dealers for their involvement in price rigging and other unfair market practices.
Seven BMW dealers including Kolon Glotech and Handok Motors were fined 14.3
billion won and nine Lexus dealers including Prime Motor and Central Motors have
to pay 7.4 billion, the Fair Trade Commission said in a statement.
The watchdog said those import car dealers were found to have colluded in setting
prices, discounting rates and other contract conditions through a consultative
body from 2004. The price rigging was to shield themselves from ever-intensifying
discount competition in the import car market, it explained.
Seven BMW dealers including Kolon Glotech and Handok Motors were fined 14.3
billion won and nine Lexus dealers including Prime Motor and Central Motors have
to pay 7.4 billion, the Fair Trade Commission said in a statement.
The watchdog said those import car dealers were found to have colluded in setting
prices, discounting rates and other contract conditions through a consultative
body from 2004. The price rigging was to shield themselves from ever-intensifying
discount competition in the import car market, it explained.
