Most Popular
-
1
NewJeans to terminate contract with Ador
-
2
Korean Air gets European nod to become Northeast Asia’s largest airline
-
3
NewJeans terminates contract with Ador, embarks on new journey
-
4
Chaos unfolds as rare November snowstorm grips Korea for 2nd day
-
5
‘VCHA, Katseye and Dear Alice are not K-pop groups,’ industry experts say
-
6
Ador claims exclusive contracts with NewJeans still valid
-
7
Japan will pay for failing to honor promises, minister says
-
8
‘Green aurora’ is Seoul's color of 2025
-
9
Firefighter holds truck driver for 45 minutes to save him from falling off bridge
-
10
[Herald Interview] Meet 1VERSE, first K-pop boy band to feature North Korean defectors
![[Herald Interview] Meet 1VERSE, first K-pop boy band to feature North Korean defectors](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/11/27/20241127050102_0.jpg&u=20241128174936)
![[Herald Interview] Meet 1VERSE, first K-pop boy band to feature North Korean defectors](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/11/27/20241127050102_0.jpg&u=20241128174936)
Korea’s antitrust agency has taken disciplinary measures against five domestic agriculture equipment manufacturers for price collusion.
The Fair Trade Commission said Monday it would levy combined fines of some 23.5 billion won ($2110 million) against the five for price fixing products such as combine harvesters, rice planters and tractors.
The five companies are: Kukje Machinery, Daedong, Tongyang Moolsan, LS, and LS Mtron.
Of the five, the FTC will also seek to have four ― Kukje Machinery, Daedong, Tongyang Moolsan and LS Mtron ― prosecuted for fixing bidding prices to win orders, as well as for colluding on setting tire prices for their equipment.
The antitrust agency said it found that executives of the five companies regularly met between 2002 and 2011 to share information before setting the prices of their equipment amid fierce competition.
Also, the four companies that will be prosecuted reportedly colluded in submitting their bids to win equipment rental business orders from the country’s agricultural cooperative federation ― Nonghyup ― in 2010.
They also allegedly fixed and raised prices of their tires for their agriculture equipment three times between 2009 and 2011. Those tires were being supplied to retail agents for maintenance and after-sales services.
By Park Hyong-ki (hkp@heraldcorp.com)
The Fair Trade Commission said Monday it would levy combined fines of some 23.5 billion won ($2110 million) against the five for price fixing products such as combine harvesters, rice planters and tractors.
The five companies are: Kukje Machinery, Daedong, Tongyang Moolsan, LS, and LS Mtron.
Of the five, the FTC will also seek to have four ― Kukje Machinery, Daedong, Tongyang Moolsan and LS Mtron ― prosecuted for fixing bidding prices to win orders, as well as for colluding on setting tire prices for their equipment.
The antitrust agency said it found that executives of the five companies regularly met between 2002 and 2011 to share information before setting the prices of their equipment amid fierce competition.
Also, the four companies that will be prosecuted reportedly colluded in submitting their bids to win equipment rental business orders from the country’s agricultural cooperative federation ― Nonghyup ― in 2010.
They also allegedly fixed and raised prices of their tires for their agriculture equipment three times between 2009 and 2011. Those tires were being supplied to retail agents for maintenance and after-sales services.
By Park Hyong-ki (hkp@heraldcorp.com)
