MOL, NYK, Others Breach South Korean Antitrust Law

Japanese shipping company Mitsui O.S.K Lines (MOL) has been found guilty of violating South Korean antitrust law with respect to car carrier services.

Following an investigation, the Fair Trade Commission of South Korea (KFTC) announced on August 21, 2017 (South Korea time) that several companies including MOL breached the country’s antitrust law.

Commenting on the ruling, MOL said that it has fully cooperated with the KFTC during the investigation.

“Though the KFTC announced that they found the violation of South Korean antitrust law and imposed a fine, MOL and its subsidiary company, Nissan Motor Car Carrier Co., Ltd. (NMCC) were exempted from all penalty including the fine because KFTC granted MOL’s and NMCC’s joint application under the KFTCs leniency program,” the company said in a statement.

“We are taking the KFTC’s announcement very seriously. We are making our best efforts to prevent any recurrence of such issues, to further enhance MOL’s compliance structure, and to regain public confidence,” MOL added.

Other rival companies named by the KFTC are MOL’s Japanese counterparts Nippon Yusen Kabushiki Kaisha (NYK) and K Line, followed by EUKOR, CSAV, ZIM, Hoegh, Wallenius Wilhelmsen Logistics (WWL), Eastern Car Liner (ECL) and an unnamed non-vessel-owning carrier.

According to the regulatory body, a total of KRW 43 billion-worth (USD 37 million) of fines will be imposed on the car carriers for colluding on price-fixing and market sharing manipulations.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >