S-Oil, Hyundai Oilbank plead guilty to overcharging US military
United States Force Korea's Camp Humphreys in Pyeongtaek, Gyeonggi Province. YonhapA Hyundai Oilbank gas station is seen in Seoul, March 29, 2012. ReutersBy Jung Min-hoS-Oil CEO Othman al-GhamdiTwo South Korean energy companies have agreed to plead guilty and pay $127 million in criminal and civil fines for fixing fuel prices for U.S. military bases here.S-Oil, whose top shareholder is Saudi Aramco, and Hyundai Oilbank will pay $75 million in criminal fines and $52 million in separate civil resolutions for rigging bids to supply fuel to U.S. Army, Navy, Marine Corps and Air Force bases, the U.S. Department of Justice said in a statement Wednesday (local time).The Justice Department also unsealed indictments against seven South Korean nationals, including former employees of the companies, in connection with the case.Hyundai Oilbank CEO Kang Dal-ho"Illegal bid-rigging schemes violate fundamental tenets of government contracting and lead to inflated charges and costs to the government," said Assistant Attorney General Jody Hunt for the Department of Justice's Civil Division."We will no
