The Korea Fair Trade Commission (KFTC) fined four auto parts producers a combined 82.4 billion won for colluding to fix bidding prices of vehicle parts in 99 rounds of bidding by Hyundai Motor Co. and its affiliate Kia Corp.
Hwaseung R&A and three other companies colluded to fix their quotations between 2007 and 2018, according to the KFTC.
The KFTC ordered them to take corrective measures.
The regulator expects the fines to serve as a wake-up call for other auto parts makers and help promote market competition.
Hwaseung R&A is mainly engaged in the manufacture and selling of industrial rubber products. The Company operates its business through two segments.


Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals
Lee Seung-heon Signals Caution on Rate Hikes, Supports Higher Property Taxes to Cool Korea’s Housing Market
Asian Currencies Stay Rangebound as Yen Firms on Intervention Talk
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices
Nikkei 225 Hits Record High Above 56,000 After Japan Election Boosts Market Confidence
Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances
Australian Household Spending Dips in December as RBA Tightens Policy
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out
Yen Slides as Japan Election Boosts Fiscal Stimulus Expectations
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom
Asian Markets Surge as Japan Election, Fed Rate Cut Bets, and Tech Rally Lift Global Sentiment 



