April 25, 2024
Automobiles
FTC fines global car carriers W43b
[THE INVESTOR] Korea’s antitrust watchdog said on Aug. 21 that it has imposed a combined 43 billion won (US$37.80 million) fines on nine global auto shipping companies for bid rigging and price fixing.
The Fair Trade Commission said the car carriers allegedly colluded to participate in auctions arranged by carmakers, including General Motors, Renault Samsung Motors and Toyota Motor, between 2002 and 2012.
The nine companies are Nippon Yusen Kabushiki Kaisha, Mitsui O.S.K. Lines, Kawasaki Kisen Kaisha, Nissan Motor Car Carrier, Eastern Car Liner, Wallenius Wilhelmsen Logistics, Hoegh Autoliners, Compania Sudamericana de Vapores and Eukor Car Carriers.
The shippers have divided up marine routes and decided not to invade each other’s sectors in order to avoid competition, the FTC said.
The FTC ordered them to halt such illegal practices and slapped them with penalties.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The Fair Trade Commission said the car carriers allegedly colluded to participate in auctions arranged by carmakers, including General Motors, Renault Samsung Motors and Toyota Motor, between 2002 and 2012.
The nine companies are Nippon Yusen Kabushiki Kaisha, Mitsui O.S.K. Lines, Kawasaki Kisen Kaisha, Nissan Motor Car Carrier, Eastern Car Liner, Wallenius Wilhelmsen Logistics, Hoegh Autoliners, Compania Sudamericana de Vapores and Eukor Car Carriers.
The shippers have divided up marine routes and decided not to invade each other’s sectors in order to avoid competition, the FTC said.
The FTC ordered them to halt such illegal practices and slapped them with penalties.
By Alex Lee and newswires (alexlee@heraldcorp.com)
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