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Prosecutors raid POSCO unit in price-fixing probe
By Korea HeraldPublished : March 29, 2013 - 20:35
The Seoul Central District Prosecutor’s Office seized and searched a POSCO ICT office in Bundang, Gyeonggi Province, Friday.
The investigation team, consisting of a prosecutor, digital forensic expert and six investigators, searched the mail server holding POSCO’s steel trade records.
In February, the Fair Trade Commission had slapped a 290 billion won ($260 million) fine on five major steel companies including POSCO for fixing prices on products such as galvanized sheet iron and colored steel sheets.
According to the commission, the five companies are suspected of fixing product prices on 10 occasions from 2004 to 2010, harming small and mid-sized companies.
“Currently, we do not have plans to (raid) additional companies. Based on our findings, we may summon a POSCO official for further questioning,” a prosecution official was quoted as saying.
By Lee Sang-ju (sjlee370@heraldcorp.com)
The investigation team, consisting of a prosecutor, digital forensic expert and six investigators, searched the mail server holding POSCO’s steel trade records.
In February, the Fair Trade Commission had slapped a 290 billion won ($260 million) fine on five major steel companies including POSCO for fixing prices on products such as galvanized sheet iron and colored steel sheets.
According to the commission, the five companies are suspected of fixing product prices on 10 occasions from 2004 to 2010, harming small and mid-sized companies.
“Currently, we do not have plans to (raid) additional companies. Based on our findings, we may summon a POSCO official for further questioning,” a prosecution official was quoted as saying.
By Lee Sang-ju (sjlee370@heraldcorp.com)
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Articles by Korea Herald
