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You are here: Home1 / fine

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Hankook Tire owners lose hidden assets lawsuit

International News

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.

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Related news:

  1. Hankook Tire CEO Cho receives suspended prison sentence
  2. Hankook: HK-KAIST collaboration widens
  3. Hankook Technodome gains trio of safety certifications
  4. Prospecs features Hankook tread on ‘all-season’ trainers
26th July 2022/0 Comments/by Stephen

Kumho, Nexen fined for restricting tyre resale prices

International News

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.

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Related news:

  1. The Market is Ripe for Korean Tyre Makers
  2. No extension for Kumho Tire receivership deadline
  3. Kumho the strongest ‘local’ in South Korea’s aftermarket
  4. Nexen Tire resumes production after short coronavirus pause
30th April 2019/by Stephen

Pirelli fined £512,000 for Carlisle plant safety incidents

UK News

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.

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Related news:

  1. Pirelli a Top Manufacturer Award finalist
  2. Pirelli representatives attend autoclave incident hearing
  3. Pirelli to pay £196k following employee autoclave death
  4. Pirelli issues statement on worker injury case
27th September 2018/by Stephen

Vacu-Lug fined £300,000 in forklift death case

Retreading, UK News

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.

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Related news:

  1. Tipper firm signs fixed price contract with Vacu-Lug
  2. Vacu-Lug celebrates two years with Westlake Tyres
  3. Vacu-Lug rolls out new Westlake Tyre range
  4. Fred Sherwood Group reports reduced downtime since Vacu-Lug tyre management deal
10th October 2017/by Tyrepress Editors

Scania fined for price fixing

Company News, Legislation

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.

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Related news:

  1. Schaeffler fined €370.5M for bearing cartel participation
  2. Pirelli to appeal EC cable cartel fine
  3. Bridgestone Revises 2008 Fiscal Projections Following EC Fine
  4. EC to investigate anticompetitive practices in automotive exhaust sector
9th October 2017/by Tyrepress Editors

Watling Tyres fined £1 million

News, UK News

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.

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Related news:

  1. Pirelli fatality: worker found dead in autoclave
  2. Tyre explosion death ‘accidental’
  3. Pirelli death no crime, says police
  4. Coroner suggests worker’s death connected to tyre manufacturing work at Goodyear
15th June 2016/by Tyrepress Editors

Bridgestone calls for UK to follow Ireland’s lead in illegal tyre fines

Legislation, UK News

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.

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  1. Bridgestone in a rush to make road safety plea as school bell sounds
  2. FPS Supports Tyre Safety Month
  3. Change to 4-year MOT will lead to more road casualties, says Bridgestone MD
  4. Micheldever CEO speaks out against 4-year MOTs
22nd April 2016/by Andrew

Goodyear charged, fined $16 million over African bribes

Company News, International News, Premium

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.

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Related news:

  1. For Every Season: Goodyear’s “Vector 5″/”Eagle Vector (EV-2)”
  2. TAFF Awards Best Industry Advertising Campaign – Continental
  3. Goodyear to pay Sumitomo US$271 million to end global joint venture
  4. Astronomical salaries – merely paid or actually earned?
25th February 2015/by Tyrepress Editors

Pirelli to appeal EC cable cartel fine

Company News

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.

Read more

Related news:

  1. Bridgestone Revises 2008 Fiscal Projections Following EC Fine
  2. Schaeffler fined €370.5M for bearing cartel participation
  3. Scania fined for price fixing
  4. Tyre Manufacturers In FT Top 500
3rd April 2014/by Tyrepress Editors

Schaeffler fined €370.5M for bearing cartel participation

Company News

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.

Read more

Related news:

  1. Schaeffler to become public company
  2. EC to investigate anticompetitive practices in automotive exhaust sector
  3. Pirelli to appeal EC cable cartel fine
  4. Continental fined for participating in braking systems cartels
19th March 2014/by Tyrepress Editors

Michelin Guide 2014 out next week

Company News, UK News

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.

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  1. Michelin’s Latest Pub Eating Guide Hits the Streets
  2. Michelin releases 2014 pub eating guide
  3. Now available – Michelin Guide Great Britain & Ireland 2016
  4. Michelin Motorbike Price Increase
26th September 2013/12,345 Comments/by Tyrepress Editors

Lanxess relocates to new HQ

News

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.

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Related news:

  1. Lanxess renames new headquarters building
  2. Lanxess to Move Group Headquarters
  3. Lanxess progresses with HQ relocation plan
  4. Hankook to bring Korea R&D activities under one roof
9th September 2013/12,345 Comments/by Tyrepress Editors

Pirelli issues statement on worker injury case

News

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.

Read more

Related news:

  1. Pirelli Fined After Carlisle Forklift Injury
  2. Russian Pirelli production to commence in 2014
  3. Prime minister visits Pirelli
  4. Small fire at Pirelli’s Carlisle tyre factory
23rd August 2013/12,345 Comments/by Tyrepress Editors

Tarox launches 410mm Toyota Land Cruiser ‘big brake’ kit

News

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.

Read more

Related news:

  1. Tarox releases carbon ceramic brake range
  2. Top Marks for Conti Automotive in “Auto Motor und Sport” Brake Test
  3. Tarox releases Mk2 Focus RS brake upgrade kit
  4. Yokohama HPT expands wheel size selection
5th August 2013/12,345 Comments/by Tyrepress Editors

Increased driving fines "good news" says RHA

News

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.

Read more

Related news:

  1. HiQ Fundraising Efforts to Pick Up Speed at Brands Hatch
  2. Dumped tyres create Lincolnshire flooding risk
  3. Calibre presents new retro red alloy wheel
  4. Michelin and the Mail in map giveway
16th May 2013/12,345 Comments/by Tyrepress Editors
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