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South Korea: Bid-rigging lands three builders with $23.9M in fines

 |  September 28, 2014

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

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