The South Korean Fair Trade Commission (FTC), the country's corporate watchdog, said Monday it has launched a probe into Hyundai Motor Group over alleged unfair deals among its affiliates.

According to the FTC, Hyundai Mobis Co., Glovis Co., Hyundai Hysco Co. and five other affiliates of the Hyundai Motor will be subject to an investigation of their alleged illegal trading.

The investigation will be focused on suspicions of unfair practices in favor of the group's auto shipping unit, the South Korea's Yonhap News Agency quoted a FTC official as saying.

According to Yonhap, Glovis, an auto freight unit of Hyundai Motor Group that controls about 70 percent of the domestic auto logistics market, is suspected of forming a huge amount of secret funds.

The FTC reiterated its stance that it would launch an inquiry into Hyundai Motor after the ongoing investigations into the business group by prosecutors are completed.

Following FTC's announcement of the probe, shares in Hyundai Motor fell 1.83 percent at 80,300 won on Monday. Glovis shares dropped to 32,650 won, 9.05 percent down from last Friday's close.

Source: Xinhua