Hyundai probed for unfair pricing
AGENCIES[ FRIDAY, DECEMBER 02, 2005 03:50:46 PM]
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SEOUL: Hyundai Motor Co and South Korea's four carmakers are under investigation on suspicion they had benefited by pressing component suppliers into cutting prices, said an official of the government's Fair Trade Commission.
The government has been investigating Hyundai, Kia Motors Corp., GM Daewoo Auto & Technology Co, Sangyong Motor Co and Renault Samsung Motors Co for more than a week, said the commission's subcontractor division director Kim Tae Hyung.
``These automakers were found to have unfairly cut prices during our survey of small- and medium-sized subcontractors on unfair business practices in the first half of the year,'' he said on Friday in Seoul. The investigation, following a similar probe in 2003, will take ``months'' to conclude, he said.
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