South Korea’s antitrust watchdog said Monday that it has imposed a combined fine of US$1.5 million on two Japanese auto parts companies for price-fixing allegations.
Denso and NGK Spark Plug allegedly conspired to fix prices in an auction for a gas emissions sensor arranged by global car giant General Motors in 2008, according to the Fair Trade Commission.
General Motors was to equip the sensor on its three engine models, one of which was used in the Chevrolet Spark, a city car produced by GM Korea.
In a secret deal, the Japanese firms agreed to split the production of the component to raise the bidding price, the FTC added. Denso was fined 1.04 billion won, and NGK 740 million won.
The watchdog said it was the seventh time that the FTC levied a penalty on illegal price rigging involving a foreign firm.
Full Content: Yonhap News Agency
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