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KFTC penalizes six companies for Busan subway bid rigging

( April 10, 2014, 10:17 GMT | Official Statement) -- MLex Summary: The Korea Fair Trade Commission has fined six construction companies 12.2 billion won ($11.8 million) for bid rigging in connection with the Busan No 1 subway line extension project. The six companies - Hyundai E&C, Hanjin Heavy Industries and Construction, Kolon Global, Daewoo E&C, Kumho Industrial, and SK E&C - colluded to determine bid amounts and bid winners ahead of time. Three companies may face prosecution.The full statement, in Korean, is attached....

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