Hankook Tire, Korea's largest tiremaker, has been fined in China for breaching anti-monopoly regulations there, industry sources said Tuesday.
According to the sources, Hankook Tire's affiliate in Shanghai was slapped with a fine of 2.17 million yuan ($334,000), which is equivalent to one percent of its annual sales.
It is the first time that a Korean tiremaker has been fined in China.
The sources said Hankook Tire was found to have violated regulations regarding the so-called "minimum resale price maintenance" between 2012 and 2013.
China has been zeroing in on German and Japanese automakers for potential monopoly-related violations, but its target is being placed on Korean firms, the sources said.
