Construction firms fined in Korea Gas storage tank collusion case
( November 14, 2017, 06:57 GMT | Insight) -- The Seoul Central District Court has decided to fine 10 construction firms and some of their executives for involvement in collusion on LNG storage tank projects tendered by Korea Gas Corp, Money Today reports.The Seoul Central District Court has decided to fine 10 construction firms and some of their executives for involvement in collusion on LNG storage tank projects tendered by Korea Gas Corp, Money Today reports. The court fined Daelim Industrial, Daewoo E&C, GS E&C and Hyundai E&C, which led the cartel, 160 million won ($143,130) each. It fined Hanyang 140 million won and Hanwha E&C and SK E&C 90 million won each. Keongnam Enterprise, Sambu Construction and Dong-Ah Construction received 20 million won fines for their lesser roles in the case. Executives from the firms received fines of between 5 million and 30 million won each, depending on their level of involvement. POSCO E&C and Doosan Heavy Industries avoided punishment through a leniency program. Samsung C&T was also not fined because it merged with Cheil Industries in 2015. Previously, the Korea Fair Trade Commission fined the 10 companies a total of 351.6 billion won for pre-arranging bid prices in 2005-6, 2007 and 2009 in 12 different construction zones....
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