Antitrust fine on Daelim Industrial over bid rigging upheld by South Korean High Court
( June 12, 2017, 06:32 GMT | Insight) -- The Seoul High Court has upheld a decision by the Korea Fair Trade Commission to fine Daelim Industrial for bid rigging in the Honam Expressway project, Financial News reports.The Seoul High Court has upheld a decision by the Korea Fair Trade Commission to fine Daelim Industrial for bid rigging in the Honam Expressway project, Financial News reports. In July 2014, the commission fined 28 construction companies a total of 435.5 billion won ($386 million) for colluding in the project in August 2008. Daelim stood accused of asking the other firms to submit competitive bids intentionally in order to win the tender. Daelim initially faced fines of 4.8 billion won, but this was reduced to 3.3 billion won because the company voluntarily reported itself through the commission's leniency program. The company filed an appeal, arguing that the fine should be dropped because it was imposed after the five-year statute of limitations had passed. But the court ruled that according to the revised fair trade act, the commission has seven years within which to launch an investigation, and therefore the imposition of the fine was reasonable. ...
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