South Korean officials announced Sunday that a total of $23.9 million in fines has been levied against three major construction companies for colluding to rig bids on a public project.
According to reports, Samsung C&T, GS Engineering and Construction, and Hyundai Engineering and Construction were sanctioned after South Korea’s Fair Trade Commission found the companies colluded to manipulate the bidding process involving the construction of tidal outlets. Authorities found that the project, first launched in July 2009 by the Korea Water Resources Corporation, was tainted because the companies fixed their bidding prices.
Samsung C&T was ultimately awarded the contract, according to reports.
Full content: Yonhap News Service
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 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