South Korea investigates biodiesel producers over alleged bid rigging
In South Korea, Chosun newspaper reports South Korea’s Fair Trade Commission has launched sanction proceedings against seven biodiesel producers accused of colluding on biodiesel and bio-heavy oil bids for more than 11 years. The investigation covers contracts worth about $7.1 billion (9.7 trillion won), with authorities alleging the companies coordinated bids and supply volumes in violation of competition laws. Regulators have proposed cease-and-desist orders, financial penalties, and criminal referrals. Potential fines could total $1.3-$1.4 billion (1.8-1.9 trillion won), pending the outcome of formal hearings.
Category: Fuels
