MOL, NYK, Others Breach South Korean Antitrust Law

MOL 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 countrys 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 MOLs and NMCCs joint application under the KFTCs leniency program, the company said in a statement. We are taking the KFTCs announcement very seriously. We are making our best efforts to prevent any recurrence of such issues, to further enhance MOLs compliance structure, and to regain public confidence, MOL added. Other rival companies named by the KFTC are MOLs 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.