Twelve motor vehicle traders in Singapore have been fined by the Competition Commission of Singapore for rigging bids at public auctions. The Commission found their actions to be in violation of the Competition Act, and that between 2008 and 2011 the traders colluded in secret agreements to not outbid each other, despite the appearance of fair bidding. As a result, the government agencies that held the auctions encountered lower bids for the cars that were auctioned off. According to reports, the CCS began probing the matter in May 2010 after complaints from several government agencies. The scheme was comprised of one bidder – usually Pang’s Motor Trading – bidding for vehicles, only to hold another private auction with other traders after the fact.
Full Content: Channel News Asia
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