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3 railway cars producers fined for price fixing

All News 12:00 July 13, 2022

SEOUL, July 13 (Yonhap) -- South Korea's antitrust regulator said Wednesday it has decided to impose a combined fine of 56.4 billion won (US$43.1 million) on Hyundai Rotem Co. and two other railway system makers for price fixing.

Hyundai Rotem and Woojin Industrial Systems Co. colluded to pre-set a prospective bidder between January 2013 and November 2016 for six rounds of bidding for railroad cars, according to the Fair Trade Commission (FTC).

The two firms and Dawonsys Co. also colluded to fix the amount of supply of railway cars between February and December 2019 for five rounds of bidding put forward by Korea Railroad Corp. and other railway operators.

The FTC said it will closely monitor any anti-competition activities in the public transit industry and take stern actions against them.

This image, provided by Yonhap News TV, shows the exterior of the Korea Fair Trade Commission in the central administrative city of Sejong. (Yonhap)


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