FTC fines LS and six other cable makers for collusion

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FTC fines LS and six other cable makers for collusion

The Fair Trade Commission fined LS Cable & System and six other cable makers 16 billion won ($14.6 million) on Thursday for colluding to win bids in 37 high-voltage cable supply projects.

Between November 2011 and October 2013, the companies worked together to set bidding prices, the Fair Trade Commission said. The regulator has referred the companies’ chief executives to the prosecution for further investigation.

In January, the Fair Trade Commission fined eight cable makers for similar price collusion.


YONHAP

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