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Hyosung, LS Electric fined for bid rigging in South Korea

( July 2, 2025, 03:10 GMT | Official Statement) -- MLex Summary: Hyosung and LS Electric were fined a combined 152 million won ($111,000) by the Korea Fair Trade Commission for rigging bids for a 2016 electric-construction project commissioned by the Daegu Dyeing Industrial Complex. Hyosung, which had been pre-designated by its client to win the bid, asked LS Electric to submit a cover bid to prevent a drop in the bidding prices. The KFTC determined that the agreement constituted collusion and imposed a fine of 104 million won on Hyosung and 48 million won on LS Electric. A separate criminal trial is underway involving both companies and the operator of the industrial complex after the prosecution service indicted them for alleged bid rigging. The statement, in Korean, is attached....

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