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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.
