Hyunda, Kia fined for alleged collusion in Spain

GMT 05:31 2015 Sunday ,02 August

Arab Today, arab today Hyunda, Kia fined for alleged collusion in Spain

Hyunda, Kia
Seoul - Yonhap

South Korea's top automaker Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. have been fined by Spain's antitrust watchdog for their alleged collusion with other global players, industry sources said Sunday.

The Spanish watchdog recently slapped a combined fine of 171 million euros on 20 global automakers, including Hyundai and Kia, for alleged collusion over the "exchange of sensitive information on the Spanish car market," according to the sources.

The watchdog did not disclose the amount of fines for each company, but sources put the fine on Hyundai and Kia at below 10 billion won (US$8.5 million).

A Hyundai Motor official said the company didn't exchange any sensitive information with other carmakers, only already disclosed information and sales records.

The development comes after it was known last week that Hyundai had been hit with a 76.6 billion-won fine by India's antitrust watchdog for alleged unfair practices.

The Competition Commission of India has accused Hyundai and 13 other car manufacturers of engaging in unfair practices in the country's after-services market.

The penalties are equivalent to 2 percent of the carmakers' average annual sales over the last three years.

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