SEJONG, South Korea's antitrust regulator on Tuesday said it has fined two companies 999 million won (US$874,000) for colluding to fix their bidding prices for the state-run Korea Water Resources Corp.
The Water Resources Technology Co. and Bukyoung Engineering Co. reached a deal, in which Bukyoung Engineering submitted prices requested by the Water Resources Technology and then the Water Resources Technology submitted prices lower than Bukyoung Engineering' prices, according to the Fair Trade Commission.
The Water Resources Technology won deals of the Korea Water Resources' maintenance work of a groundwater monitoring network on five occasions between 2006 and 2014. In return, the Water Resources Technology paid up to 50 million won to Bukyoung Engineering for each price-fixing scheme.
The commission fined the Water Resources Technology and Bukyoung Engineering 666 million won and 333 million won, respectively. The commission also referred the case of the Water Resources Technology to the prosecutors' office.
A vice president of Bukyoung Engineering said he had no immediate comment on the issue, as he has yet to receive a relevant document from the antitrust regulator.
An official of the Water Resources Technology was not immediately available for comment.
Source: Yonhap news Agency