Foreign watchdogs slap big fines on Korean firms for price fixing

SEOUL, March 8 (Yonhap) -- Foreign antitrust regulators have fined South Korean companies a combined 2.3 trillion won (US$2.06 billion) so far for covertly rigging prices as they intensify crackdowns on such business practices, a report showed Tuesday.
The United States has imposed fines of 1.66 trillion won on Korean companies, followed by 647.4 billion won by the European Union and around 20.1 billion won by Japan, according to the report by the Fair Trade Commission (FTC).
The companies fined in the U.S. include airline companies. Korean Air Lines Co. and Asiana Airlines Inc. were slapped with fines of $300 million and $50 million, respectively, in 2007 and 2009 for price fixing, the report showed.
Firms that paid penalties in the European Union include Samsung Electronics Co. and LG Display Co., which were also found to have engaged in fixing prices for DRAMs and liquid crystal display panels last year.
The FTC said that penalties imposed on South Korean companies have been growing in recent years as foreign antitrust authorities are stepping up their surveillance on business malpractice and have toughened punishment on international cartel.
The watchdog said that it will expand education programs on international antitrust rules to help local companies avoid violations and incurring fines for being involved in price rigging and other unfair business practices in overseas markets.