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22 firms fined 10.4 bln won for price fixing

All News 12:00 October 04, 2021

SEOUL, Oct. 4 (Yonhap) -- South Korea's antitrust regulator said Monday it has decided to fine 22 companies a combined 10.4 billion won (US$8.8 million) for colluding to fix prices over projects to set up firefighting equipment.

Johnson Controls Korea and 22 firms colluded to fix their quotations between 2011 and 2017 for 304 rounds of bidding by 13 builders to select operators in charge of installing firefighting equipment, according to the Korea Fair Trade Commission (KFTC).

Setting up firefighting-related devices and doing wiring work, including automatic fire detectors, are required, when new apartments are built.

Of the 23 companies, the regulator imposed the fine on Johnson Controls Korea and other 21 firms. It also ordered all of the 23 firms to take corrective measures.

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


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