April 19, 2024
Economy
FTC fines 2 firms W796m for rigging bids
[THE INVESTOR] Korea’s antitrust watchdog said on Aug. 10 that it has imposed a combined 796 million won (US$699,000) in fines on two local electronics part suppliers for rigging bids for public railway construction projects.
The two companies, Yookyung Control and Hyukshin Engineering, allegedly colluded to participate in five bids to supply electronic interlocking equipment arranged by state-run Korea Railroad Corp., according to the Fair Trade Commission.
The FTC said the companies worked to manipulate their bidding prices and divide the amount of products they supplied after winning contracts between 2011 and 2013.
It also logged a complaint with the state prosecutors’ office to carry out criminal investigations.
The FTC said it will tighten monitoring of bid rigging in public projects and make more efforts to root out such illegal practices in a way that builds free and fair competition in the procurement market.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The two companies, Yookyung Control and Hyukshin Engineering, allegedly colluded to participate in five bids to supply electronic interlocking equipment arranged by state-run Korea Railroad Corp., according to the Fair Trade Commission.
The FTC said the companies worked to manipulate their bidding prices and divide the amount of products they supplied after winning contracts between 2011 and 2013.
It also logged a complaint with the state prosecutors’ office to carry out criminal investigations.
The FTC said it will tighten monitoring of bid rigging in public projects and make more efforts to root out such illegal practices in a way that builds free and fair competition in the procurement market.
By Alex Lee and newswires (alexlee@heraldcorp.com)
