Four South Korean oil refineries that had colluded to sell oil to military installations at above-market prices from 1998-2000 have been ordered to cough up 135.5 billion won (US$121.8 million) to state coffers, the state procurement agency said Monday. The ruling by the Seoul High Court comes 13 years after the then-defense ministry's acquisition department, now the Defense Acquisition Program Administration (DAPA), filed a compensation suit against the four refineries -- SK Energy Co., GS Caltex Corp., Hyundai Oilbank Corp. and S-Oil Corp. -- to confiscate excessive profits gained through price fixing.
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All rights reserved to Arab Today Media Group 2021 ©
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