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South Korea: Millions fined to construction bid-riggers

 |  March 4, 2014

South Korean’s Fair Trade Commission has issued a multi-million dollar fine to two construction firms for their participation in a bid-rigging cartel, say reports.

Building companies POSCO A&C and Kolon Global were fined a combined $11.3 million for rigging large-scale public construction project bidding, according to the FTC. The regulator believes the companies met in secret to predetermine bidding prices.

The projects affected included a sewage treatment project and a water treatment plant.

The Commission said it plans to refer the companies to prosecution.

Full Content: Yonhap News Agency

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