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Hyosung Heavy Industries, LS Electric hit with $26 million fine for bid rigging in South Korea

( December 29, 2024, 03:01 GMT | Official Statement) -- MLex Summary: Affiliates of South Korean conglomerates Hyosung Heavy Industries, LS Electric and HD Hyundai Electric are among companies hit with a combined fine of 39.1 billion won (about $26 million) for bid rigging, the Korea Fair Trade Commission said. The KFTC revealed that 10 companies colluded on contracts for gas-insulated switch gear commissioned by Korea Electric Power Company between 2015 and 2022. The regulator also decided to refer six of these companies, including Hyosung Heavy Industries, LS Electric, HD Hyundai Electric, and three others, to prosecutors for criminal investigation.The statement, in Korean, is attached. ...

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