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LS Industrial System fined for price rigging

South Korea’s antitrust watchdog said Tuesday that it has fined 14 electric meter makers and two related cooperatives a combined 11.29 billion won ($11.1 million) for rigging prices and dividing supplies among themselves.

The companies include LS Industrial System Co. and PSTEC Co., which were ordered to pay 3.88 billion won and 2.41 billion won in penalties, respectively, according to the Fair Trade Commission.

They were accused of colluding to fix prices of electric meters in biddings initiated by the state-run Korea Electric Power Corp. and dividing up supplies among themselves. The price rigging and other irregularities continued for nearly two decades from 1993 to 2010, the FTC said.

Five of the firms suspected of leading the price rigging, including LS Industrial and PSTEC, were referred to prosecutors for more investigation. (Yonhap)
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