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FTC rejects Hyundai Mobis’ commitment decision plea

PUBLISHED : September 11, 2017 - 13:56

UPDATED : September 11, 2017 - 13:56

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[THE INVESTOR] The antitrust watchdog said on Sept. 11 that it has decided to reject a commitment agreement request by Hyundai Mobis, which is suspected of abusing its market power.

The company has been under investigation by the Fair Trade Commission for forcing its dealerships to meet an unreasonable sales target between January 2010 and November 2013, according to the watchdog.

In a commitment request filed in June, Hyundai Mobis said it will compensate the dealerships and create a 10 billion won (US$8.87 million) fund to help them.

But the FTC turned down the request, saying that Hyundai Mobis’ remedial actions are insufficient.

It ordered the company to submit an improved commitment proposal by October.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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