The family ownership of Hankook Tire and Technology must pay a fine of KRW 4.59 billion (£2.9 million) after losing a lawsuit related to foreign assets. Seoul-based publication The Korea Herald writes that the Seoul Administrative Court recently ruled against the lawsuit brought by Cho Yang-rae, honorary chairman of Hankook & Co., and his eldest son Cho Hyun-sik.
The Korea Fair Trade Commission (KFTC) announced today that it has fined Kumho Tire and Nexen Tire for forcing South Korean retailers to sell tyres at or above specific set prices.
Pirelli Tyres Ltd has been fined after two employees had their arms broken by the same machine at the tyre maker’s factory in Dalston Road, Carlisle.
Lincolnshire-based Vacu-Lug Traction Tyres Limited was been fined £300,000 on 15 September after a worker died when the fork lift truck he was driving overturned at the company Grantham headquarters three years earlier.
Lincoln Crown Court heard the worker was transporting tyres on 30 July 2014 when the fork lift ran over a loose tyre in the road. He was crushed between the fork lift truck and the ground and later died from his injuries. He was not wearing a seat belt.
The European Commission (EC) has fined Scania more than €880 million (£770m) for its participation in a truck cartel. Scania was the sixth and final manufacturer implicated in the price-fixing scandal, but decided against settling with the EC last year. The five other truck manufacturers – MAN, Volvo/Renault, Daimler (Mercedes-Benz), Iveco and DAF – were collectively fined €2.93bn (£2.57bn) after admitting wrongdoing.
Kent-based tyre company Watling Tyre Service Limited has been fine £1 million and will have to pay almost 10 per cent more on top as costs after it was sentenced for safety failings. The case follows the death of 21-year-old Matthew Hoare, from Canterbury in an incident that took place 10 years ago.
Bridgestone has called on the UK Government to implement mandatory fines on motorists who drive with defective or worn tyres. The manufacturer said the UK should follow Ireland’s lead in the interests of road safety; the Irish minister for transport, tourism and sport, Paschal Donohoe announced the new fixed charge notice (FCN) offence for motorists in mid-April, with fines of €80 now in effect.
On 24 February, the United States Securities and Exchange Commission (SEC) charged Goodyear Tire & Rubber Company with violating the Foreign Corrupt Practices Act (FCPA) when its subsidiaries paid bribes in order to secure tyre sales in Kenya and Angola. Goodyear has agreed to pay more than US$16 million to settle the SEC’s charges.
Pirelli & C. S.p.A states that it will appeal the European Commission’s decision regarding cable cartel activity. While the Commission does not directly name Pirelli as a participant in an alleged cartel in the underground and submarine power cable market, it deems the Italian company “jointly and severally liable” as Pirelli owned alleged cartel protagonist Prysmian Cables and Systems (formerly Pirelli’s Cables and Systems division) until 2005, and therefore “exercised a decisive influence” over the business for the first six years of the decade-long cartel. The European Commission has imposed a shared fine of €67.31 million on Pirelli and Prysmian.
Continental AG majority shareholder Schaeffler AG is one of five companies that have been handed substantial fines for operating a cartel in the automotive bearing market. The European Commission fined the companies a total of more than €953 million, with the largest single fine given to Schaeffler. The German manufacturer must pay €370.5 million, almost 40 per cent of the total penalty.
Those who enjoy fine dining or just a good feed needn’t wait long for the Michelin Guide Great Britain & Ireland 2014. It will be released on 4 October, and Michelin has given a heads up on what’s to expect in the latest edition.
The 1,000 or so employees at Lanxess’ global headquarters have completed the shift from the German town of Leverkusen to Cologne. The headquarters team now resides at the ‘Lanxess Tower’ at Kennedyplatz number 1 in the city’s Deutz district. For the first time, all of the company’s central management functions are united under the one roof.
In a statement responding to the outcome of the HSE-prosecuted case against Pirelli Tyres Ltd, in which Carlisle Magistrates’ Court handed the tyre maker a £20,000 plus costs fine, Pirelli has expressed sympathy to the injured worker and summarised its position towards work and safety within its plants.
Italian braking brand Tarox has launched its latest kit, a product that it excitingly calls “the very definition of over-engineered”. The company says the finished 410mm front brake upgrade for the popular Toyota Land Cruiser 4.5 V8 J200 model offers improvements in both control and retardation. The kit is aimed at both enthusiasts looking to get more out of their car off-road, but also at the many conversion companies that armour or equip the ultra-tough Land Cruiser for life on the front line.
The Road Haulage Association welcomes the news that Transport Minister Patrick McLoughlin is considering increasing the fine for dangerous driving offences, including texting or making a phone while behind the wheel, by 50 per cent.
This means that the fixed penalty for using a handheld device while driving would go up from £60 to £90, while other offences like running a red light, driving without a seatbelt and speeding will also fetch a higher charge.
