By Lee Kyung-min
The Supreme Court upheld Tuesday a lower court’s ruling nullifying fines the country’s anti-trust agency imposed in 2011 on Hyundai Oilbank and S-Oil for alleged collusion.
Hyundai Oilbank and S-Oil paid 75 billion won ($68 million) and 43 billion won, respectively, after being fined by the Fair Trade Commission (FTC), but filed suits immediately to reclaim the money, saying the fines were inappropriate.
The two firms were among four oil refiners fined in 2011 by the FTC. The agency claimed at the time that they colluded in 2010 to avoid competition in opening new gas stations.
The other two firms were SK Energy and GS Caltex. The former also filed a suit against the FTC, and this case is being reviewed by the top court. However, GS Caltex was exempted from paying the fine because it reported its irregularities voluntarily, according to the FTC.
The Supreme Court ruled in favor of Hyundai Oilbank and S-Oil, citing a lack of evidence to prove their collusion.
“The FTC imposed the fines after concluding that they avoided competition through collision. However, it failed to present evidence to support its conclusion,” the court said in its ruling.
The two firms welcomed the ruling, while the FTC did not react.