'Nexen Tire fined 20 million won in first trial for "lowest price control"'
[Asia Economy Reporter Seongpil Cho] Nexen Tire, which set minimum selling prices and penalized stores that sold products below those prices, has been fined.
On the 14th, Judge Yang Eun-sang of the Seoul Central District Court Criminal Division 18 sentenced Nexen Tire to a fine of 20 million won for violating the Monopoly Regulation and Fair Trade Act. Previously, Nexen Tire was indicted for setting discount rates in online and offline stores from 2013 to 2016, announcing minimum selling prices, and penalizing companies that did not comply by reducing supply support rates, stopping product supply, and terminating dealership contracts.
Hot Picks Today
"Could I Also Receive 370 Billion Won?"... No Limit on 'Stock Manipulation Whistleblower Rewards' Starting the 26th
- Samsung Electronics Introduces New "Special Performance Bonus" for Semiconductors, Paid Entirely in Company Shares
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- Trump: "Talks with Iran in Final Stages"... Iran Demands Release of Frozen Assets, End to Maritime Blockade
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
In 2019, the Korea Fair Trade Commission detected such minimum price sales coercion by Kumho Tire and Nexen Tire, imposing fines of approximately 4.83 billion won and 1.14 billion won, respectively.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
