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Hanssem, Hyundai Livart among 13 South Korean companies caught in bid-rigging scheme

( February 24, 2025, 02:52 GMT | Official Statement) -- MLex Summary: Hanssem, Hyundai Livart, Enex and 10 other furniture manufacturers have been fined 5.2 billion won (about $3.6 million) by the South Korean antitrust watchdog for rigging bids on built-in furniture contracts from Bando Engineering & Construction. According to the Korea Fair Trade Commission, the companies colluded on 38 bids between January 2014 and March 2022, coordinating to predetermine winners and share bid prices through meetings and messaging apps. The collusion, involving contracts worth 94.9 billion won, affected apartment construction costs and ultimately impacted housing prices for South Korean consumers.The statement, in Korean, is attached....

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