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Two S. Korean Firms to Pay $127 Million for Rigging Fuel Prices at US Military Bases

Written: 2019-03-21 09:57:28Updated: 2019-03-21 14:22:38

Two S. Korean Firms to Pay $127 Million for Rigging Fuel Prices at US Military Bases

Photo : YONHAP News

Two South Korean companies have agreed to pay about 127 million dollars or about 140 billion won for conspiring to rig the prices of their fuel supply services to U.S. military bases in the country.

The U.S. Justice Department said in a statement on Wednesday that Hyundai Oilbank and S-Oil are accused of involvement in a conspiracy to suppress and eliminate competition during the bidding process for fuel supply contracts with U.S. Army, Navy, Marine Corps and Air Force bases in South Korea. 

The indictment also named seven South Korean individuals, who allegedly conspired to rig the bids.

Hyundai Oilbank will pay about 83 million dollars in criminal and civil fines, while S-Oil will pay over 43 million dollars.

Last year, three other South Korean companies including SK Energy, GS Caltex and Hanjin Transportation also pleaded guilty to similar charges and agreed to pay 236 million dollars in criminal and civil penalties.

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