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Nine Japanese, German bearing makers fined for price fixing
By Korea HeraldPublished : Nov. 16, 2014 - 21:05
South Korea’s antitrust watchdog said Sunday that it has fined nine Japanese and German bearing makers a combined 77.8 billion won ($70.7 million) for fixing product prices for more than a decade.
Subject to the fine include Japanese bearing company NSK, which was ordered to pay the largest amount of about 33 billion won, according to the Fair Trade Commission.
JTEKT and Fujicoshi were other Japanese firms involved, while Shaeffler Korea, a Korean unit of the German company, was ordered to pay 16.48 billion won in penalties.
They are accused of fixing prices of bearings, a major part used in machinery, automobiles and electronics, from 1998-2012, the watchdog said.
The collusion efforts have resulted in price hikes of bearings in the domestic market mostly dominated by foreign manufacturers, it added.
The 14-year period was the longest period of price rigging that the FTC has ever uncovered. The watchdog said that it has investigated a total of 25 foreigners related to the case for the past two years. (Yonhap)
Subject to the fine include Japanese bearing company NSK, which was ordered to pay the largest amount of about 33 billion won, according to the Fair Trade Commission.
JTEKT and Fujicoshi were other Japanese firms involved, while Shaeffler Korea, a Korean unit of the German company, was ordered to pay 16.48 billion won in penalties.
They are accused of fixing prices of bearings, a major part used in machinery, automobiles and electronics, from 1998-2012, the watchdog said.
The collusion efforts have resulted in price hikes of bearings in the domestic market mostly dominated by foreign manufacturers, it added.
The 14-year period was the longest period of price rigging that the FTC has ever uncovered. The watchdog said that it has investigated a total of 25 foreigners related to the case for the past two years. (Yonhap)
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Articles by Korea Herald
