1. NEWS

  2. NEWS

  3. Hyundai fined $18 million for violating subcontracting law
Hyundai fined $18 million for violating subcontracting law

Hyundai fined $18 million for violating subcontracting law

South Korea's antitrust regulator has announced that it fined Hyundai Heavy Industries Holdings Co. 20.8 billion won ($17.8 million) for allegedly violating a law on subcontracting.

A+A-

The company has been accused of forcing its subcontractors to start work without prior notification about the values of the contracts. It also asked its subcontractors to cut prices by 10% in 2016.

Hyundai Heavy is accused of forcing its subcontractors to start works without prior notification about the values of the contracts between 2014 and 2018, the Fair Trade Commission said in a statement.

The Fair Trade Commission criticized Hyundai Heavy for concealing evidence by replacing 273 hard disk drives in October 2018, shortly before the regulator launched a probe into the shipping conglomerate.

Maritime Business World 

Previous and Next News

COMMENT ADD

WARNING: Do not use words containing insults, swearing and words against personal and religional beliefs. Comments containing capital letters will not be approved.