TMCnet News
Four Asian paper exporters fined for price manipulationSEOUL, Dec 22, 2008 (Asia Pulse Data Source via COMTEX) -- South Korea's anti-trust watchdog said Sunday that it has fined four Asian paper exporters a combined 4 billion won (US$3.1 million) for their involvement in price rigging. APP of Indonesia, APRIL of Singapore, AA of Thailand and UPM of China colluded in setting prices for copying paper exported to South Korea for three years since February 2001, the Fair Trade Commission said in a statement. Through the price manipulation, the four companies boosted their shares in South Korea's copying paper market from a combined 26.8 percent in 2002 to 56.5 percent at the end of 2004, the watchdog said. |