South Korea Fines Rubber Companies $6 Million
Client Alert | less than 1 min read | 04.12.07
The South Korea Fair Trade Commission has imposed a $6 million fine on two synthetic rubber companies for alleged price collusion. The Commission said that Kumho Petrochemical and Seetec Ltd. colluded to raise the prices of synthetic rubber used to make tires. The two companies supply 91% of the country’s total demand for synthetic rubber and hiked prices by 12%-18% four times over a three year period ending in March 2003.
Insights
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In our first alert in this weekly series on the EU Pharma Package we provided some important background and general information about the status of the Pharma Package and how the trilogues work, and in the second alert we discussed the proposed changes to regulatory data protection.
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The European Commission issues competition guidance in the transport sector
