Back To Top
Finance

5 makers of sewage pipes fined W890m over price fixing

This image, provided by Yonhap News TV, shows the exterior of the Korea Fair Trade Commission in the central administrative city of Sejong. (Yonhap)
This image, provided by Yonhap News TV, shows the exterior of the Korea Fair Trade Commission in the central administrative city of Sejong. (Yonhap)
South Korea's antitrust regulator said Sunday it has decided to fine five manufacturers of sewage pipes a combined 890 million won ($796,000) for colluding to fix prices of industrial products.

Dobong Pipe and six other companies colluded to fix their quotations between 2012 and 2017 for 243 rounds of sewage pipe purchasing bids by public institutions, according to the Korea Fair Trade Commission (KFTC).

The deal is valued at 27.3 billion won.

Of the seven firms, the regulator decided to impose fines on Dobong Pipe and four others and ordered six companies to take corrective measures. (Yonhap)

MOST POPULAR