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Article: S KOREAN TELECOM CARTEL COST CONSUMERS US$908 MLN IN DAMAGES: FTC.
- Article from:
- AsiaPulse News
- Article date:
- September 15, 2005
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SEOUL, Sept 15 Asia Pulse - Price rigging by local fixed-line telecom service providers is estimated to have cost consumers more than 932 billion won (US$908 million) in damages, the country's anti-trust regulator said Thursday.
Kim Byung-bae, the director-general of the Fair Trade Commission's competition bureau, said the estimate is based on a model used by the Organization for Economic Cooperation and Development (OECD).
"Under the OECD system, the level of damage caused by cartel activities is equivalent to 15-20 percent of total sales from the services provided," the official said.
He said using this standard, price fixing by KT Corp. ...