TMCnet News
Korea Republic of : SOUTH KOREA's antitrust watchdog fined KT Corp a 2.08 BILLION [TendersInfo (India)](TendersInfo (India) Via Acquire Media NewsEdge) South Korea's antitrust watchdog has been fined KT Corp a 2.08 billion won (US$2 million) for forcing an unjust contract on a local electronics manufacturer. KT places orders for 200,000 units with an initial production of 30,000 units of a low-end tablet PC, aappointed the K-PAD, in 2010 from Enspert. KT was hurrying to release the product in the market before SK Telecom, its industry rival in the mobile carrier business, released Samsung's tablets. KT voided the contract by inserting in a clause in another contract with Enspert that said the orders for the remaining tablet PCs were void. Enspert, which relied heavily on KT for its business as a subcontractor, had no choice but to accept the demand. According to the watchdog, "KT's move was unreasonable, as the decision was made unilaterally. Enspert holds no responsibility concerning the cancellation of the contract." (c) 2014 Euclid Infotech Pvt. Ltd. Provided by Syndigate.info, an Albawaba.com company |