This is the new MLex platform. Existing customers should continue to use the existing MLex platform until migrated.
For any queries, please contact Customer Services or your Account Manager. Dismiss

POSCO E&C wins appeal against KFTC in Honam Expressway bid-rigging case

( May 8, 2017, 06:14 GMT | Insight) -- South Korea's Supreme Court has ruled that the Korea Fair Trade Commission must reduce fines imposed on POSCO E&C over a case involving bid rigging on the Honam Expressway project, Finomy reports.South Korea's Supreme Court has ruled that the Korea Fair Trade Commission must reduce fines imposed on POSCO E&C over a case involving bid rigging on the Honam Expressway project, Finomy reports. The company faced fines of 19.9 billon won ($17.6 million) in July 2014 for rigging bids on the project with other 27 construction companies. That fine already included a reduction of 60 percent because POSCO cooperated with the KFTC during the investigation, but the firm filed an appeal to cut its size further. The supreme court backed POSCO, claiming the amount was unfair compared to penalties imposed on other companies, such as Samsung C&T, which received a 2.5 billion won fine only even though it won contracts worth 78.7 billion won. POSCO won contracts worth 17.3 billion won. The case was returned to the Seoul High Court. ...

Prepare for tomorrow’s regulatory change, today

MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.


Know what others in the room don’t, with features including:

  • Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
  • Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
  • Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
  • Curated case files bringing together news, analysis and source documents in a single timeline

Experience MLex today with a 14-day free trial.

Start Free Trial

Already a subscriber? Click here to login

Related Sections