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South Korean software developers fined for bid-rigging by competition regulator

( July 30, 2023, 03:00 GMT | Official Statement) -- MLex Summary: Five South Korean software developers and sales companies have been fined a combined 110 million won ($86,000) by the country’s competition regulator for rigging bids during the procurement process for marine plant engineering application solutions, placed by the National Procurement Agency, from October 2016 to August 2018. The Korea Fair Trade Commission found that local companies, Irae Information Technology, Usis, DB Valley, Linux Data System and IT Stone, colluded to designate a winning bidder, share bidding prices and invite other companies to submit bogus bids. The agency decided to refer Irae Information Technology and its CEO, identified as the mastermind behind the bid-rigging scheme, to the prosecution service....

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