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South Korea: Waterway project bid-rigging lands fines for 11

By  |  April 3, 2014

South Korean competition authorities announced Thursday that 11 companies have been fined for rigging bids regarding a large-scale waterway project, according to reports.

South Korea’s Fair Trade Commission announced $93.6 million in fines to the construction firms, which were found to have colluded to rig the bidding process for the government contract between 2009 and 2011. Specifically, the FTC said the companies met ahead of the bidding to share market sensitive information and decide in advance who would win the project contract.

The project linked the Han River to the Yellow Sea, reports say.

Nine of the companies will be referred for prosecution and further investigation, the FTC said.

Full Content: Yonhap News Agency

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