This image, provided by Yonhap News TV, shows the exterior of the Korea Fair Trade Commission in the central administrative city of Sejong. (Yonhap)
South Korea's antitrust regulator said Wednesday it has decided to fine four auto parts producers a combined 82.4 billion won ($72.7 million) for colluding to fix bidding prices of vehicle parts.
Hwaseung R&A and three other companies colluded to fix their quotations between 2007 and 2018 for 99 rounds of auto parts purchasing bidding by the country's top automaker Hyundai Motor Co. and its affiliate Kia Corp., according to the Korea Fair Trade Commission (KFTC).
The commission ordered them to take corrective measures.
The regulator said it expects the latest action to serve as a wake-up call for other auto parts makers and help revive market competition. (Yonhap)