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 (email@example.com)