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Hyundai Rotem and others fined for bid-rigging by South Korean regulator

( July 13, 2022, 03:51 GMT | Official Statement) -- MLex Summary: South Korean rolling stock companies Hyundai Rotem, Woojin Industrial Systems and Dawonsys have been hit with a combined fine of 56.4 billion won ($43 million) today for bid-rigging tenders submitted to railway operators including Korail and Seoul Metro. The Korea Fair Trade Commission found that the three companies rigged bids for multiple tenders from 2013 to 2016 and in 2019, with two smaller rivals Woojin and Dawonsys submitting bogus bids to help Hyundai Rotem win tenders, in exchange for subcontracting projects. The bid-rigging scheme stopped briefly from 2017 to 2018, however, the competition brought a significant drop in prices for rail vehicles, and the companies began to conspire to drive prices up again in 2019 by allocating and dividing tenders among themselves.The statement, in Korean, is attached....

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