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South Korean furniture companies fined $68.8 million in decade-long bid-rigging scandal

By Jenny Lee ( April 7, 2024, 03:00 GMT | Insight) -- A lineup of 31 furniture manufacturers in South Korea has been hit with corrective orders and a total fine of 93.1 billion won (about $68.8 million) by the South Korean antitrust watchdog for orchestrating a decade-long bid-rigging scheme involving built-in furniture for new apartments and studio units. The Korea Fair Trade Commission announced the sanction decision in a statement, highlighting that this scheme, which spanned from 2012 to 2022, involved 738 instances of manipulated bids across 24 construction firms, marking a significant breach of competition law.A lineup of 31 furniture manufacturers in South Korea has been hit with corrective orders and a total fine of 93.1 billion won (about $68.8 million) by the South Korean antitrust watchdog for orchestrating a decade-long bid-rigging scheme involving built-in furniture for new apartments and studio units....

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