South Korea's fair trade watchdog Thursday slapped fines totalling 135.4 billion won (S$151 million) on the four major noodle makers for price-fixing.

<div style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #333333; font-family: Helvetica, Arial, 'Trebuchet MS', sans-serif; font-size: 14px; line-height: 1.3em; margin-bottom: 1.35em; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;"><br /> </div><div style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #333333; font-family: Helvetica, Arial, 'Trebuchet MS', sans-serif; font-size: 14px; line-height: 1.3em; margin-bottom: 1.35em; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Nongshim, Samyang Foods, Ottogi and Korea Yakult fixed prices of instant noodles on six different occasions from 2001 through 2010, the Fair Trade Commission said in a statement.</div><div style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #333333; font-family: Helvetica, Arial, 'Trebuchet MS', sans-serif; font-size: 14px; line-height: 1.3em; margin-bottom: 1.35em; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">The companies systematically exchanged information for price-fixing in a market where their combined market share is almost 100 per cent, it said.</div><div style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #333333; font-family: Helvetica, Arial, 'Trebuchet MS', sans-serif; font-size: 14px; line-height: 1.3em; margin-bottom: 1.35em; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Nongshim incurred most of the fine for its alleged key role in the price-rigging.</div><div style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #333333; font-family: Helvetica, Arial, 'Trebuchet MS', sans-serif; font-size: 14px; line-height: 1.3em; margin-bottom: 1.35em; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">The company, which accounts for some 70 per cent of the country's instant noodle market valued at some two trillion won last year, was fined 107.8 billion won (S$120.6 million).</div><div style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #333333; font-family: Helvetica, Arial, 'Trebuchet MS', sans-serif; font-size: 14px; line-height: 1.3em; margin-bottom: 1.35em; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">Nongshim denied the allegation. "Because of our dominant market share, there is no need for us to collude with others," a spokesman said.</div><div style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #333333; font-family: Helvetica, Arial, 'Trebuchet MS', sans-serif; font-size: 14px; line-height: 1.3em; margin-bottom: 1.35em; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; vertical-align: baseline;">He said the company did not accept the regulator's verdict and might consider a legal battle.</div>

South Korea's fair trade watchdog Thursday slapped fines totalling 135.4 billion won (S$151 million) on the four major noodle makers for price-fixing.

Nongshim, Samyang Foods, Ottogi and Korea Yakult fixed prices of instant noodles on six different occasions from 2001 through 2010, the Fai...

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