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South Korean construction executives indicted in LNG tank cartel case

( August 9, 2017, 06:16 GMT | Insight) -- The Seoul Central District Prosecutors' Office has indicted 20 executives from 10 construction companies over their alleged involvement in bid rigging for LNG storage tank projects tendered by Korea Gas Corp, Etoday reports. The Seoul Central District Prosecutors' Office has indicted 20 executives from 10 construction companies over their alleged involvement in bid rigging for LNG storage tank projects tendered by Korea Gas Corp, Etoday reports. The companies include Daelim Industrial, SK E&C, Daewoo E&C, GS E&C and Hyundai E&C. The tenders were held in 2005-06, 2007 and 2009 for 12 different construction zones and the firms were accused of pre-arranging bid prices in each tender. The Korea Fair Trade Commission fined the companies a combined 351.6 billion won ($309.7 million) in April 2016. The gas company also filed a damages suit against the firms, demanding 200 billion won....

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