August 21st 2017
Mitsui OSK Lines (MOL) has been found in breach of antitrust law in South Korea.
The Japanese owner said it is one of the several companies to violated the law in respect of its car carrier services.
The Fair Trade Commission of South Korea (KFTC) imposed a fine of MOL and its subsidiary Nissan Motor Car Carrier, but the companies have been exempted from this penalty thanks to KFTC’s leniency programmed.
MOL said in a statement: “MOL offers its sincere apologies to its valued customers and to the society for their concerns this may have caused.”
“It is MOL’s principle to do its business in full compliance with the laws and MOL has been in compliance with corporate ethics and social norms.”
“We are taking the KFTC announcement very seriously.”
“We are making our best efforts to prevent any recurrence of such issues, to further enhance MOL’s compliance structure and to regain public confidence.”
Vehicle carrier owners have come under scrutiny in different parts of the world over the past five years.
The latest company to have been hit by a fine was Nippon Yusen Kaisha (NYK), which will have to pay Australian authorities $25m.