Hyundai Heavy fined for unfair trade –

South Korean’s Fair Trade Commission has imposed a KRW970m ($805k) fine on the country’s shipbuilding giant Hyundai Heavy Industries (HHI) for unfair trade with its subcontractors.

According to the anti-trust commission, HHI stole technologies in the production of pistons on ship diesel engines from subcontractor Samyoung and shared the technology with another subcontractor, and then the shipyard ended trade with the Samyoung one year later.

Samyoung reported the unfair trade by HHI to police and the country’s anti-trust authorities and FTC transferred the case to the prosecution last October after securing evidence.

Last year, HHI was fined KRW431m ($360k) for similar charges including exploiting a contractors’ technology data on construction equipment.

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