Korea Shipping Association: "Fair Trade Commission's Collusion Investigation Must Be Completed This Year... Legal Action If Fines Imposed"

[Asia Economy Reporter Yoo Je-hoon] Domestic container shipping companies have requested the Fair Trade Commission to complete its investigation into the Southeast Asia route freight rate collusion within this year. They also emphasized that they would not hesitate to take legal action if the Fair Trade Commission decides to impose fines.

Kim Young-moo, Executive Vice President of the Korea Shipping Association, stated at a press conference held on the afternoon of the 3rd at the Lotte Hotel in Jung-gu, Seoul, "The Fair Trade Commission's investigation has been ongoing for nearly four years, causing difficulties for shipping companies in establishing their shipbuilding and operation plans for next year."

Vice President Kim added, "Although the ship order timing has already been missed, further delays could cause significant difficulties for the shipping companies," and repeatedly requested, "Please make a decision by November or December in any way."

Furthermore, Vice President Kim emphasized that if the Fair Trade Commission decides to impose fines, they will take legal action such as administrative lawsuits. He raised his voice, saying, "The shipping industry has engaged in joint activities under the supervision of the Ministry of Oceans and Fisheries for 40 years, and if this is considered wrong, then the Ministry of Oceans and Fisheries should be disciplined."

Meanwhile, the Fair Trade Commission sent a review report in May stating that 23 domestic and foreign shipping companies engaged in unfair collusion over freight rates on the Korea-Southeast Asia route for 15 years until 2018, and announced plans to impose fines of up to 800 billion won, equivalent to 10% of their sales revenue.

This content was produced with the assistance of AI translation services.