( March 3, 2016, 05:53 GMT | Official Statement) -- MLex Summary: The Korea Fair Trade Commission has imposed corrective orders and combined fines of 146 million won ($119,844) on four construction companies for rigging bids on repair work for an apartment house in Hawseong city. The companies are Jao Construction, PM Construction, Kookil Structure and Lium C&C. Jao won a contract in 2011 by requesting the other three companies to submit uncompetitive bids intentionally. Such practices are considered a violation of clause 29 of the Monopoly Regulation and Fair Trade Act. In order to qualify to be selected for apartment house tenders, a firm should go through competitive bidding after notifying the procedure to the ministry of Land, Transport and Maritime Affairs.The regulator’s statement, in Korean, is attached....
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