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South Korea: Fourteen companies fined over bid rigging

By  |  March 18, 2018

According to South Korea’s antitrust watchdog, it has levied a combined 10.8 billion won (US$10.1 million) in fines on 14 aerial imaging companies for allegedly rigging bids for mapping projects.

Geospatial Information Technology Co. and 13 others are accused of colluding to win 37 bids placed by the National Geographic Information Institute (NGII) to take aerial shots, which were used to make maps, according to the Korean Fair Trade Commission (KFTC). The bids were made between 2009 and 2013.

The KFTC said they agreed to split the bids and help each other win their respective contracts, with others supposedly taking part in the process, with the aim of keeping bid prices within a set range.

The corporate watchdog also said it referred 11 of the 14 companies to state prosecutors for further investigation.

Full Content: Times of News

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