Photo = Fair Trade Commission

 

[Alpha Biz= Reporter Kim Minyoung] Twenty subcontractors of Daewoo E&C have been fined over 1.2 billion KRW for engaging in fraudulent bidding over the past six years, inflating the prices of construction materials sold to the primary contractor.

The Korea Fair Trade Commission (KFTC) announced on the 30th that it has imposed corrective orders and a total of 1.214 billion KRW in fines on 20 companies for colluding in 77 purchase bids placed by Daewoo E&C from February 2016 to April 2020.

A KFTC official stated, “Soundproofing and vibration-damping materials are construction materials that affect the selling price of buildings. We will strengthen monitoring of collusion in intermediate goods markets that are closely related to the public’s essential needs.”

Since May, the KFTC has been operating a 'Report Center for Unfair Practices in Areas Closely Related to Public Welfare.' Whistleblowers of collusion can receive up to 3 billion KRW in rewards, depending on the level of evidence and the outcome of the sanctions.

 

 

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