Hyundai Mobis' commitment decision request rejected

2017-11-26 03:54:55

(MENAFN) Antitrust supervisory body of South Korea said it has rejected a commitment deal that Hyundai Mobis Co. has requested, noting an in sufficient remedy proposals to compensate for damage caused by its abuse of market power.

The Fair Trade Commission (FTC) has been investigating the company for obliging its dealerships to meet unfair sales targets between Jan 2010 and Nov 2013.

The company said in the commitment request filed in June that it will compensate the dealerships and create a 10b won fund to help them, however the FTC has rejected it and ordered it to file a better proposal.

The supervisory body will presume with the initial review process, which had been rejected due the commitment decision request, to decide on the level punishment for Hyundai Mobis' fair trade law violations.

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