17 firms fined 1.4 bln won over price fixing

SEJONG, April 15 (Yonhap) -- South Korea's antitrust regulator said Wednesday it has fined 17 electric equipment makers a combined 1.4 billion won (US$1.1 million) for colluding to fix their bidding prices for Korea Gas Corp. projects to purchase power distribution boards.

The 17 firms fixed their bidding prices and the successful bidders on 15 occasions between 2013 and 2015 and avoided price competition, according to the Fair Trade Commission (FTC).

The deals were estimated at 19.4 billion won.

The FTC said it has ordered them to take corrective measures as well.

kdh@yna.co.kr
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