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Korea Fair Trade Commission fines 17 construction companies for bid rigging

( August 5, 2015, 02:28 GMT | Official Statement) -- MLex Summary: The Korea Fair Trade Commission issued correction orders and fined 17 construction companies a combined total of 32.9 billion won ($28.1 million) for bid rigging on five public infrastructure projects. The KFTC fined three companies a total of 12.9 billion won for bid rigging on a 2008 highway expansion project, with individual fines of 7.3 billion won, 4.8 billion won and 812 million won, respectively, levied against POSCO E&C, Daelim Industrial Co. and Samwhan Corp. Daewoo E&C, Hyundai Development Co. and two other companies were fined a total of 10.92 billion for rigging bids for a road and bridge project near the southern city of Yeosu. Other companies were fined for bid rigging at a breakwater building project in Pohang and other infrastructure projects. The regulator's full statement, in Korean, is attached....

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