The head of the Fair Trade Commission said Monday that the U.S. Justice Department has been probing a South Korean firm over alleged violations of the U.S. Antitrust Act.
FTC Chairman Lee Nam-kee said...the alleged violation by the South Korean firm has been revealed in the course of an investigation into a Japanese firm by the U.S. State Department.
He warned that the South Korean firm could face up to 100 million dollars in fines for violating the U.S. law.
Lee said South Korea and the United States agreed to sign an agreement on competition policy in April or May next year when antitrust authorities from both sides get together here for policy consultations.
The agreement will call for the exchange of information, personnel and technology related to fair-trade policy and cooperation applying the antitrust laws of both countries in third countries.
The FTC chief said that his agency is still reviewing the documents presented by six producers of graphite electrodes in the United States, Germany and Japan to prove the allegations that they formed an international cartel in violation of Korean antitrust laws.