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Biz News Korea(Eng)
Korea FTC mulls maximum fine and criminal charges for Volkswagen
- Collected
- 2016.07.20
- Distributed
- 2016.07.21
- Source
- Go Direct
According to sources from the industry and the FTC on Tuesday, the Korean antitrust agency sent a document warning about its plan to Audi Volkswagen Korea in early July. The carmaker has been given time to explain itself.
The agency will hold a general meeting in September and decide on necessary criminal and administrative actions, according to the sources.
Volkswagen touted its vehicles had fully met the Euro emission standards in all the advertising media in Korea from 2009 to 2015. It had lied in the ads as the automaker had admitted to have cheated emission tests last year.
The Korean unit would face a levy of up to 88 billion won as maximum fine for false ad is 2 percent of sales. Local sales of the problem vehicle models are estimated at 4.4 trillion won.
The government has tilted towards stern action on the German carmaker which repeatedly disobeyed authorities in demand for recall plan and failed to come up with compensation plan.
Separately, the Environment Ministry plans to cancel the company’s licenses and impose a sales ban on 79 variants of 32 models under the Audi Volkswagen for various illegalities the carmaker had committed over the 10 years. Industry observers believe the German brand would inevitably have to pull out of the Korean market.
By Na Hyun-joon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]