Violation Tracker Individual Record

Hyundai Oilbank Co. Ltd.
Current Parent Company: 
Hyundai Heavy Industries
March 20, 2019
Primary Offense: 
price-fixing or anti-competitive practices
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:

Level of Government: 
Action Type: 
agency action
Justice Department Antitrust Division
Civil or Criminal Case: 
civil and criminal
HQ Country of Parent: 
South Korea
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
heavy equipment
Specific Industry of Parent: 
shipbuilding & industrial equipment
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.