KFTC announces decision concerning the violation of south Korean antitrust law by car carriers
The Fair Trade Commission of South Korea (KFTC) announced on August 21, 2017 (South Korea time) that several companies including MOL have breached South Korean antitrust law with respect to car carrier services. MOL and other shipping companies have been investigated by the KFTC due to the suspicion of antitrust law violation. MOL has fully cooperated with the KFTC during the investigation, the shipping company said Wednesday in a press release.
Though the KFTC announced that they found the violation of South Korean antitrust law and imposed a fine, MOL and its subsidiary company, Nissan Motor Car Carrier Co., Ltd. (NMCC) was exempted from all penalty including the fine because KFTC granted MOL's and NMCC's joint application under the KFTCs leniency program.
MOL offers its sincere apologies to its valued customers and to the society for their concerns this may have caused.
It is MOL's principle to do its business in full compliance with the laws and MOL has been in compliance with corporate ethics and social norms. We are taking the KFTC's announcement very seriously. We are making our best efforts to prevent any recurrence of such issues, to further enhance MOL's compliance structure, and to regain public confidence.
