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Violation Tracker Individual Record

Company: Hyundai Oilbank Co. Ltd.
Current Parent Company: HD Hyundai
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Recap of Ownership Changes:  subscribe to see this data field
Penalty: $83,100,000
Year: 2019
Date: March 20, 2019
Offense Group: competition-related offenses
Primary Offense: price-fixing or anti-competitive practices
Mega-Scandal: Price Fixing
Violation Description: South Korea-based companies Hyundai Oilbank Co. Ltd. and S-Oil Corporation agreed to plead guilty to criminal charges and pay a total of approximately $75 million in criminal fines for their involvement in a bid-rigging conspiracy that targeted contracts to supply fuel to United States Army, Navy, Marine Corps, and Air Force bases in South Korea. They also agreed to pay a total of $52 million to settle related civil charges. The Justice Department announcement did not specify the division of the criminal penalty between the two companies; the breakdown was reported by Reuters: (click here)
Level of Government: federal
Action Type: agency action
Agency: Justice Department Antitrust Division
Civil or Criminal Case: civil and criminal
HQ Country of Current Parent: South Korea
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: heavy equipment
Specific Industry of Current Parent: shipbuilding and heavy equipment
Source of Data: (click here)
Archived Source: (click here)
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.