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Korean authorities conclude investigation into car carrier industry

Financial News

Korean authorities conclude investigation into car carrier industry

Oslo, August 21, 2017 – Since June 2013, the Korean Fair Trade Commission (KFTC) has been engaged in an investigation into alleged anti-competitive behaviour involving the car carrying industry. WWL ASA subsidiaries WWL AS and EUKOR Car Carriers Inc have cooperated fully with the KFTC throughout and in every aspect of the investigation.

The KFTC has today announced the outcome of the investigation, naming nine car carriers including WWL AS and EUKOR, as allegedly colluding to respect each other’s contracts. It has issued an administrative fine for EUKOR of ca USD 1.8 million and for WWL of ca USD 3.6 million.

Though we are pleased that the KFTC investigation has been concluded, we are saddened by the outcome. WWL AS and EUKOR are committed to honest and fair business practices, and will continue to take the necessary steps to meet the highest ethical standards.

WWL AS and EUKOR have made provisions for the potential fines resulting from the KFTC investigation in 2016. Consequently, the fines will not have a profit and loss effect for WWL ASA in 2017.

Media contact:
Anna Larsson, Head of Corporate Communication
Tel: +47 484 06 919