April 27, 2024

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[THE INVESTOR] Korea’s antitrust watchdog said Nov. 6 that it has levied a combined 37.1 billion won (US$33.20 million) fines on three foreign auto parts firms for allegedly rigging bids.

Denso Korea Automotive, an auto parts supplying unit of Japan’s Toyota Motor, and Hyundam Industrial, owned by Japan’s Aisan Industry had been accused of colluding to participate in bids for engine fuel pumps arranged by Korean carmakers from August 2007 to February 2009, according to the Fair Trade Commission.

Denso Korea and Delphi Powertrain Systems Korea are also under suspicion for joining forces in separate tenders for a variable valve timing system between 2009 and 2012.

The FTC said they agreed to split the bids and help each other win the respective contracts, with others falsely taking part in the auctions in order to lower the bid prices.

Denso was fined 16.9 billion won and Hyundam was slapped with a fine of 16.8 billion won, while Delphi Powertrain was charged 3.39 billion won, according to the FTC.

By Alex Lee and newswires (alexlee@heraldcorp.com)