Hyunda, Kia fined for alleged collusion in Spain
SEOUL, Aug. 2 (Yonhap) -- South Korea's top automaker Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. have been fined by Spain's antitrust watchdog for their alleged collusion with other global players, industry sources said Sunday.
The Spanish watchdog recently slapped a combined fine of 171 million euros on 20 global automakers, including Hyundai and Kia, for alleged collusion over the "exchange of sensitive information on the Spanish car market," according to the sources.
The watchdog did not disclose the amount of fines for each company, but sources put the fine on Hyundai and Kia at below 10 billion won (US$8.5 million).
A Hyundai Motor official said the company didn't exchange any sensitive information with other carmakers, only already disclosed information and sales records.
The development comes after it was known last week that Hyundai had been hit with a 76.6 billion-won fine by India's antitrust watchdog for alleged unfair practices.
The Competition Commission of India has accused Hyundai and 13 other car manufacturers of engaging in unfair practices in the country's after-services market.
The penalties are equivalent to 2 percent of the carmakers' average annual sales over the last three years.
(END)
-
Overdue debut of Korean abstract art pioneer Yoo Young-kuk at Venice Biennale
-
Defense chief says N. Korea's hypersonic missile 'unsuccessful' in last-stage glide flight
-
Relax, immerse yourself in scents at Venice Biennale's Korean Pavilion
-
N. Korea has capability to genetically engineer biological military products: U.S. report
-
S. Korea marks 30th anniv. of Korean Pavilion at Venice Biennale with contemporary art
-
Overdue debut of Korean abstract art pioneer Yoo Young-kuk at Venice Biennale
-
Relax, immerse yourself in scents at Venice Biennale's Korean Pavilion
-
Artist Lee Bae captures ethereal Korean aesthetics at Venice Biennale
-
S. Korea marks 30th anniv. of Korean Pavilion at Venice Biennale with contemporary art
-
Defense chief says N. Korea's hypersonic missile 'unsuccessful' in last-stage glide flight
-
Gov't likely to accept university chiefs' request to lower med school enrollment quota
-
Facebook page unveils photos of BTS member V in counter-terrorism unit gear
-
S. Korea not invited to G7 summit meeting this year: sources
-
Yoon's approval rating sinks to lowest point since taking office
-
S. Korea to fully shift to 'endemic' from COVID-19 pandemic starting next month