South Korea’s Fair Trade Commission (FTC) has reportedly handed a combined KRW45.3 billion (USD40.1 billion) fine to a number of local mobile phone manufacturers and telecoms operators in response to allegations of price rigging and consumer fraud. According to Yonhap News Agency, the watchdog issued the penalty following a ruling that the companies involved had colluded to inflate the prices of handsets before then advertising them at supposed discount prices. Manufacturers Samsung Electronics, LG Electronics and Pantech have all been fined, along with South Korea’s three mobile network operators SK Telecom (SKT), KT Corp and LG Uplus.
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OVETEL South Korean watchdog issues fines for price rigging
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