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South Korean furniture companies fined $12 million for collusion by KFTC

( February 13, 2025, 03:34 GMT | Official Statement) -- MLex Summary: Twenty South Korean companies, including major players such as Hanssem, have been fined a total of 18.3 billion won ($12.5 million) by the Korea Fair Trade Commission for bid rigging in the supply of shelving units for new apartment developments commissioned by construction companies. The KFTC also decided to refer four of the companies to prosecutors for criminal investigation. The regulator concluded that the companies colluded in 190 bidding processes from 2012 to 2022, manipulating outcomes to their advantage, resulting in combined sales of 332.4 billion won. The statement, in Korean, is attached....

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