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Biz News Korea(Eng)
FTC to deliver punitive ruling on VW Korea for false emission advertising next week
- Collected
- 2016.11.22
- Distributed
- 2016.11.23
- Source
- Go Direct
According to sources from the industry and the FTC on Monday, the Korean antitrust agency will convene full-house meeting on November 30 requiring presence of all nine commissioners whose decisions on antitrust activities are legally binding as first trial ruling.
The agency in July warned the Korean branch of the German carmaker that it would take criminal actions against 10 former and active executives and levy fine of up to 88 billion won ($75 million).
Volkswagen pitched its cars had passed Europe’s emission standards known as Euro 5 in its brochures, website and media ads in Korea from 2009 to 2015. Last year, it admitted to authorities and customers around the world of having had tampered with emission test results.
Volkswagen has been consulting with headquarters in Germany and legal team to respond to the FTC probe as its former and incumbent executives could face criminal actions, a FTC insider said on condition of anonymity.
Once the FTC confirms its conviction, local prosecutors will press on with its probe on the German company. The mood has been unfavorable for Volkswagen. The company faces maximum government fines of $18 billion through court and out-of-court settlements for emission cheat in the United States and Europe.
By Na Hyun-joon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]