AsiaOperations

Car carriers fined $38m for Korean price collusion

Nine shipping companies have been whacked with a combined KRW43bn ($37.7m) fine in South Korea in the latest of a series of court cases around the world investigating cartel activities among leading car carrier outfits.

South Korea’s Fair Trade Commission (FTC) levied the fine on NYK, MOL, K Line, Nissan Motor Car Carrier, Eastern Car Liner, Wallenius Wilhelmsen Logistics, Hoegh Autoliners, CSAV and Eukor Car Carriers for collusion over a 10-year period from 2002. MOL and K Line were hit with the stiffest fines.

Other antitrust agencies from around the world have made similar investigations in recent years, dishing out sizeable fines.

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