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5 producers of railroad ties fined 12.6 bln won over price fixing

All News 14:01 June 09, 2021

SEOUL, June 9 (Yonhap) -- South Korea's antitrust regulator said Wednesday it has decided to fine five producers of railroad ties a combined 12.6 billion won (US$11.3 billion) for colluding to fix prices of the products.

Taemyung Industrial Co. and its four other rivals colluded to fix their quotations for 54 rounds of purchasing bids for railroad ties between 2009 and 2018 by Korea Railroad Corp., the operator of the country's railway services, according to the Korea Fair Trade Commission (KFTC).

Railroad ties are block-shaped structures that are laid perpendicular to rails to buttress them.

The deal is valued at 222.5 billion won, the corporate watchdog said.

The regulator ordered the five firms to take corrective steps and decided to file a complaint with the prosecution against Taemyung Industrial.

This image, provided by Yonhap News TV, shows the exterior of the Korea Fair Trade Commission in the central administrative city of Sejong. (PHOTO NOT FOR SALE) (Yonhap)


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