• Kyodo

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South Korea’s Fair Trade Commission said Thursday it had slapped fines totaling 3.5 billion won (about $3.1 million) on five auto parts suppliers, including Japan’s Denso Corp. and NGK Spark Plug Co., for forming a price-fixing cartel.

The two Japanese firms, their local units and a South Korean affiliated company fixed the prices of parts supplied to local automaker Hyundai Motor Co. and Kia Motors Corp., which is under Hyundai’s umbrella, the commission said.

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