A PYMNTS Company

China: Authorities fine sand companies in price-fixing conspiracy

 |  October 29, 2012

The Price Bureau of Guangdong Province (GDPB) has uncovered a price-fixing scam among the province’s sea sand dredging companies. The GDPB found that prices doubled from RMB20 to RMB40 per cubic meter since 2009, causing local infrastructure projects to suffer. The GDPB began their investigation last February with help from the Price Supervision and Anti-monopoly Bureau of the National Development and Reform Commission. The price-fixing scam reached 20 companies, three of which have been fined by the GDPB for RMB759,247.

Full Content: China Law Insight

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.