Hyundai Motor and its affiliate Kia Motors have been fined $6.4m...
Hyundai Motor and its affiliate Kia Motors have been fined $6.4m by South Korea's trade watchdog for distorting competition in the country's car finance market.They were claimed in offering better terms to their own finance subsidiary, Hyundai Capital Services, than to rival financing companies.
Previously In July, the commission launched an investigation into several large conglomerates, amid accusations that the country's biggest business groups were wielding too much power after their recovery from Asia's 1997 financial crisis.
Hyundai was fined Won4.9bn while Kia, which is part of the Hyundai Motor group, was ordered to pay Won2.6bn.
Thanks to its machinations Hyundai Capital, 86 per cent owned by Hyundai Motor group, increased market share from 46.4 per cent in March to 57.2 per cent in June.