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GS Engineering to be barred from bidding for public projects

All Headlines 15:10 April 17, 2019

SEJONG, April 17 (Yonhap) -- South Korea's antitrust regulator said Wednesday that it has asked the government to ban GS Engineering & Construction Co., a major local builder, from participating in bidding for public projects for violating the country's subcontracting law.

Under the law, the central government and provincial authorities are required to impose bidding restrictions on a violator for up to two years as soon as requested by the Fair Trade Commission (FTC).

GS Engineering & Construction is accused of delaying in issuing written contracts and payments to its subcontractors in 2017, according to the commission.

In 2018, GS Engineering & Construction posted all-time high sales of 13.1 trillion won (US$11.5 billion).

The company officials were not immediately available for comment.

This file photo shows GS Engineering & Construction Co.'s corporate logo atop its main office in Seoul. (Yonhap)


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