South Korea’s Fair Trade Commission said a decision is taken to impose a combined 20.7 billion won (USD 17.6 million) in fines on eight aluminium alloy makers for plotting to fix bidding prices. Altechno Metal, specialised in producing aluminium ingot, rolling and drawing, along with seven other firms colluded to fix their quotations between 2011 and 2021 for bids on aluminium alloy products by the country’s largest carmaker Hyundai Motor Co and its affiliate Kia Corp.Prior to the bidding, the companies colluded to divide the total volume of orders by Hyundai Motor into similar amounts and fix the bidding prices in accordance with pre-set amounts. This helped them bag certain amounts of orders every year since 2011 at relatively high bidding prices, the regulator said.Along with the fine, the Fair Trade Commission also ordered the companies to take corrective steps.
South Korea’s Fair Trade Commission said a decision is taken to impose a combined 20.7 billion won (USD 17.6 million) in fines on eight aluminium alloy makers for plotting to fix bidding prices. Altechno Metal, specialised in producing aluminium ingot, rolling and drawing, along with seven other firms colluded to fix their quotations between 2011 and 2021 for bids on aluminium alloy products by the country’s largest carmaker Hyundai Motor Co and its affiliate Kia Corp.Prior to the bidding, the companies colluded to divide the total volume of orders by Hyundai Motor into similar amounts and fix the bidding prices in accordance with pre-set amounts. This helped them bag certain amounts of orders every year since 2011 at relatively high bidding prices, the regulator said.Along with the fine, the Fair Trade Commission also ordered the companies to take corrective steps.
