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South Korea: $5M in fines issued to leading security providers

 |  October 12, 2014

Two of South Korea’s leading security and safety providers have been issued fines after antitrust officials found evidence the companies colluded for years to harm competition in the industry.

According to reports, the nation’s Fair Trade Commission issued fines totaling $4.7 million to the two companies, S1 Corp and ADT CAPS. S1 Corp is an affiliate of Samsung Group, according to reports.

The companies were both fined equally after the FTC found the companies shared equipment in certain regions in which they agreed not to compete against each other. The equipment-sharing took place between 2000 and 2002, the FTC said, while the non-compete agreements lasted more than a decade.

Officials said that through the conspiracy, the companies gained 95-100 percent of the market share in those certain regions.

Full content: Korea Herald

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