The Korea Herald

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S-Oil apologizes for collusion, price-fixing

By Shin Ji-hye

Published : March 21, 2019 - 15:45

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South Korean oil refiner S-Oil released an apology Thursday after pleading guilty to collusion and price-fixing in the process of providing oil to US forces in Korea. 

“S-Oil reached a settlement agreement with the (US) Department of Justice pertaining to charges against a violation of the US antitrust act during past bids for fuel supply to the US Forces Korea that have been under investigation,” said a spokesperson of the firm.

The oil refiner added it deeply regrets the incident.

The company said it is now “strongly implementing” a legal compliance system.

S-Oil and Hyundai Oil Bank combined paid 140 billion won ($124 million) in fines to the US Justice Department to settle the issue, after pleading guilty to collusion that took place from 2005 to 2016. 

By Shin Ji-hye (shinjh@heraldcorp.com)