Hankook Tire was fined nearly 380 million won for monopolistic pricing practices in China. It is the first for South Korean tyre manufacturer to be fined in China.
According to The National Development and Reform Commission of China and Chinese press reports, the Shanghai Municipal Price Bureau fined Shanghai Hankook Tire Sales Co. 380 million won for price-fixing on April 12.
According to relevant rules, Shanghai Hankook Tire Sales Co. faces fines of 1 percent of its 2015 sales.
According to the Shanghai Municipal Price Bureau, Hankook Tire was found to have violated regulations regarding "minimum resale price maintenance (RPM)" between 2012 and 2013.
Hankook Tire said: “We respect Chinese authorities’ decision and fully follow it.”
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