|
|
|
|
|
Newsletter | November 2015, Issue 3
|
|
|
|
|
|
|
Antitrust & Competition
|
|
|
|
The Seoul High Court Delivers Good News to POSCO, Korea’s Biggest Steelmaker
|
|
|
|
On July 22, 2015, the Seoul High Court reversed a 2006 decision by the Korea Fair Trade Commission (“KFTC”), in which the KFTC imposed a fine of KRW 89 billion, as well as a series of corrective measures on POSCO, Korea’s biggest steelmaker. The KFTC had asked prosecutors to probe five domestic steel producers, including POSCO, for alleged collusion on the price of galvanized steel plates. In ruling for POSCO, the Seoul High Court based its decision upon the finding that there was insufficient evidence to find collusion, and that the relevant statute of limitations period to impose penalties has been exceeded.
|
|
|
|
The Seoul High Court rendered a judgment in favor of POSCO due to POSCO, through its legal counsel, successfully pointing out certain contradictions regarding the alleged evidence against POSCO for price fixing, the lack of credibility of KFTC’s witnesses, as well as evidence of price competition. Also, the court found that in any case, the relevant statute of limitations period against POSCO had passed.
|
|
|
|
Kim & Chang served as the lead counsel representing POSCO before the Seoul High Court.
|
|
|
|
Back to Main Page
|
|
|
|
|
|
For more information, please visit our website:
|
|
|
|
|
|
|
|