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International, Reader's Choice, Tyre Industry

Hankook fined for breaching anti-monopoly regulations in China.

Posted: April 19, 2016 at 12:01 pm   /   by   /   comments (0)

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Hankook Tire Co., South Korea’s largest tyre maker, has been fined in China for breaching anti-monopoly regulations there, industry sources said Tuesday.

According to the sources, Hankook Tire’s affiliate in Shanghai was slapped with a fine of 2.17 million yuan (US$334,000), which is equivalent to one percent of its annual sales.

It is the first time that a South Korean tyre maker has been fined in China.

The sources said Hankook was found to have violated regulations regarding the so-called “minimum resale price maintenance” between 2012 and 2013.

China has been zeroing in on German & Japanese automakers for potential monopoly-related violations, but its target is being placed on South Korean firms, the sources said.

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