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6 major builders fined for collusion in bids for river project
By KH디지털2Published : Dec. 24, 2015 - 13:59
The nation's top court on Thursday upheld monetary penalties for six major construction companies on charges of bid rigging in the previous government's project to improve the country's four major rivers.
The Supreme Court ordered the builders -- Hyundai Engineering and Construction Co., Daelim Industrial Co., GS Engineering and Construction Co., SK Engineering and Construction Co. and Hyundai Development Co. -- to pay a fine of 75 million won ($64,000) each for rigging the 2009 biddings for the construction of 14 reservoirs.
The amount is the severest penalty possible for a price fixing conviction under South Korean law.
Samsung Heavy Industries Co. was ordered to pay a fine of 50 million won.
The builders were indicted in 2013 on charges of working together to determine in advance the companies to be selected for the construction projects.
A signature plan of former President Lee Myung-bak, the project to rejuvenate four rivers -- the Han, Nakdong, Geum and Yeongsan -- ended in 2013 with no apparent improvement in flood prevention, water quality or the ecosystems of the rivers. (Yonhap)
