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South Korean manufacturers fined for seven-year bid-rigging scheme in South Korea

By Wooyoung Lee ( December 29, 2024, 03:01 GMT | Insight) -- Affiliates of South Korean conglomerates Hyosung Heavy Industries, LS Electric and HD Hyundai Electric are among companies hit with a combined tentative fine of 39.1 billion (about $26 million) by the country’s competition regulator for their involvement in a seven-year bid-rigging scheme. Ten companies were found to have colluded on contracts for gas-insulated switchgear commissioned by the Korea Electric Power Corporation between 2015 and 2022. The regulator also decided to refer six of them to prosecutors for criminal investigation. Affiliates of South Korean conglomerates Hyosung Heavy Industries, LS Electric and HD Hyundai Electric are among companies hit with a combined tentative fine of 39.1 billion (about $26 million) by the country’s competition regulator for their involvement in a seven-year bid-rigging scheme....

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