December 23, 2013 / 3:00 AM / in 4 years

South Korea regulator fines Denso, Continental, Bosch for price collusion

SEOUL, Dec 23 (Reuters) - South Korea’s anti-trust regulator has imposed a combined fine of 114.6 billion won ($107.99 million) on Japan’s Denso Corp, Germany’s Continental AG and Bosch on charges of fixing prices of parts sold to Hyundai Motor Co.

The Fair Trade Commission (FTC) said on Monday that the automotive parts makers colluded in rigging prices of instrument panels or wipers to shun price competition and secure profits.

The vehicles affected included Hyundai’s Sonata (LF), Elantra (MD) and Kia Motors’ Pride (UB) and Carnival (YP), the FTC said. ($1 = 1061.2000 Korean won) (Reporting by Hyunjoo Jin; Editing by Ryan Woo)

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