HanGlas, KCC admit glass price fixing

HanGlas and KCC [Korea]have admitted colluding to fix prices on flat glass.

The two, with more than 80 percent of the market between them, are said to have distorted the market by raising prices. They are estimated to have reaped hundreds of billions of won in undue profit at the expense of consumers. According to the Free Trade Commission, HanGlas and KCC reported they had colluded to fix the prices after the commission started investigating them in March. They are likely to receive reduced fines for admitting the violation, according to a June 26 report in The Korea Times.

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