Fair Trade Commission fines 7 companies 900 million KRW for bid rigging on USFK construction projects

by Jo Youjin

Published 07 Feb.2024 14:05(KST)

Deciding Order by Drawing Lots to Divide Construction Projects

[Image source=Yonhap News]

The Fair Trade Commission announced on the 7th that it will impose corrective orders and fines totaling 929 million won on seven construction companies that colluded in a bidding process for a construction project ordered by the United States Forces Korea Far East Engineer Group.

These construction companies were investigated for colluding 23 times from August 2016 to January 2019 by pre-selecting the winning bidder and having the other companies act as cover bidders.

The sanctioned construction companies are Seogwang Comprehensive Development, Seongbo Construction Industry, Shinwoo Construction Industry, Wooseok Construction, Yuil Engineering, Yullim Construction, and Korea General Technology.

This action marks the first case of imposing fines for collusion in a bidding market ordered by the United States Forces Korea. It was confirmed that these seven companies paid $3.1 million to the U.S. Department of Justice as compensation for this collusion.