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Three companies in South Korea fined by competition regulator for bid rigging in coal tenders

By Jenny Lee ( December 28, 2023, 04:33 GMT | Insight) -- Three coal suppliers in South Korea have been fined 1.6 billion won (about $1.2 million) and issued corrective orders by the South Korean competition watchdog for orchestrating a bid-rigging scheme in coal purchasing tenders. The Korea Fair Trade Commission said in a statement LX International, Kolon Global and SK Networks were found to have predetermined the winning bidder and manipulated bid prices, undermining the essence of fair competition.Three coal suppliers in South Korea have been fined 1.6 billion won (about $1.2 million) and issued corrective orders by the South Korean competition watchdog for orchestrating a bid-rigging scheme in coal purchasing tenders....

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