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Price-fixing cases detected by the Fair Trade Commission surged last year, data released by the nation’s antitrust watchdog showed Sunday.
According to antitrust authorities, a total of 96 cases of price-fixing were found in 2011, a 41.2 percent increase from 68 cases in the previous year.
They said they have filed charges in 23 severe cases, with the figure surpassing the combined number of 19 cases charged over the past four years.
The number of cases had decreased in recent years, with seven in 2007, five in 2008, five in 2009 and two in 2010.
But last year related surveillance was increased against companies forming cartels.
The number of fines also soared last year.
The FTC imposed fines in 57 cases in 2011, up 72.7 percent from 33 cases in 2010 and the highest figure since 2008 when there were 59 cases.
The combined fines amounted to 569.3 billion won, nearing the record high of 586 billion won reached in 2010.
“The surge in detected cases is the result of our tightened surveillance on cartels that limit competition and cause price hikes,” said a FTC official.
“This year we plan to focus more on items whose prices show a huge difference between in Korea and their origin countries or have a much higher rate of operating profit.”
By Lee Ji-yoon (jylee@heraldcorp.com)
According to antitrust authorities, a total of 96 cases of price-fixing were found in 2011, a 41.2 percent increase from 68 cases in the previous year.
They said they have filed charges in 23 severe cases, with the figure surpassing the combined number of 19 cases charged over the past four years.
The number of cases had decreased in recent years, with seven in 2007, five in 2008, five in 2009 and two in 2010.
But last year related surveillance was increased against companies forming cartels.
The number of fines also soared last year.
The FTC imposed fines in 57 cases in 2011, up 72.7 percent from 33 cases in 2010 and the highest figure since 2008 when there were 59 cases.
The combined fines amounted to 569.3 billion won, nearing the record high of 586 billion won reached in 2010.
“The surge in detected cases is the result of our tightened surveillance on cartels that limit competition and cause price hikes,” said a FTC official.
“This year we plan to focus more on items whose prices show a huge difference between in Korea and their origin countries or have a much higher rate of operating profit.”
By Lee Ji-yoon (jylee@heraldcorp.com)
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Articles by Korea Herald
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