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Siemens Korea, LG CNS, GS Neotek fined for collusion in public tenders

( September 26, 2019, 05:31 GMT | Official Statement) -- MLex Summary: Siemens Korea, LG CNS and GS Neotek have been handed corrective orders and combined penalties of 149 million won ($124,213) by South Korea's antitrust regulator for rigging bids in public tenders. The Korea Fair Trade Commission found that the three companies had colluded in public tenders for an IT project held in 2015 to install an intelligent building management system at a data center that same year. The companies were accused of agreeing which would win the contract and submitting bogus bids in the tender. Siemens Korea and GS Neotek submitted sham bids in order for LG CNS to win in return for a promise of subcontracting work. LG CNS was hit with fines of 75 million won, the biggest penalties among the companies involved. Siemens Korea and GS Neotek were each fined 37 million won.The statement, in Korean, is attached. ...

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