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Seoul court fines construction firm executives for alleged bid rigging in port project

( April 29, 2016, 07:10 GMT | Insight) -- The Seoul Central District Court has imposed fines of 70 million won ($61,316) on SK E&C, and 12 million won on executives of SK E&C, Daelim Industrial and Hyundai Development Co for collusion in bidding for the “Construction of Pohang Yeongilman Port Counter Facilities” project, Money Today reports.The Seoul Central District Court has imposed fines of 70 million won ($61,316) on SK E&C, and 12 million won on executives of SK E&C, Daelim Industrial and Hyundai Development Co for collusion in bidding for the “Construction of Pohang Yeongilman Port Counter Facilities” project, Money Today reports. The project was ordered by the Public Procurement Service in 2009. The companies were accused of pre-arranging bid prices at around 94 percent of the estimated construction price and SK won the contract. The Korea Fair Trade Commission earlier imposed sanctions on SK E&C and fined the company 1.72 billion won. ...

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