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South Korea: Two firms fined for price fixing Red Cross’ blood bags

By  |  July 17, 2019

South Korea’s antitrust regulator announced on Wednesday, July 17, that it has fined two makers of blood bags a combined 7.7 billion won (US$6.5 million) for colluding to fix their bidding prices for the country’s Red Cross.

Greencross Medical Science and TaeChang Industrial fixed their bids to avoid price competition, according to the Fair Trade Commission (KFTC).

The Commission fined Greencross Medical Science and TaeChang Industrial 5.8 billion won and 1.9 billion won, respectively (US$4.9 million and US$1.6 million, respectively). The Commission has decided to refer Greencross Medical Science and one of its officials to the prosecutors’ office for further investigation.

Full Content: YNA

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