South Korea’s competition authority has sanctioned major builders of a high-speed railway project for manipulating the bidding process for the contract, say reports.
The nation’s Fair Trade Commission fined 28 construction firms for alleged bid-rigging, a practice that the FTC said unfairly awarded the project to construct the Honam bullet-train railway. The project links the capitol, Seoul, to Mokpo.
According to reports, the fines of 435.5 billion won are the largest ever to hit the construction industry, and the second-largest ever overall.
The largest fine ever issued was 669 billion won issued to various LPG suppliers in 2010, say reports.
According to the FTC, construction companies colluded to predetermine the outcome of the bidding process for each section of the railway project to ensure that nearly all competing companies could win at least one section and the lowest possible bidding price. Authorities found that all major construction companies, including Hyundai and Samsung, participated in the bid-rigging.
Full content: Korea Herald
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI