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22 firms fined W10.4b for price fixing

The exterior of the Korea Fair Trade Commission in Sejong (Yonhap)
The exterior of the Korea Fair Trade Commission in Sejong (Yonhap)
South Korea's antitrust regulator said Monday it has decided to fine 22 companies a combined 10.4 billion won ($8.8 million) for colluding to fix prices over projects to set up firefighting equipment.

Johnson Controls Korea and 22 firms colluded to fix their quotations between 2011 and 2017 for 304 rounds of bidding by 13 builders to select operators in charge of installing firefighting equipment, according to the Korea Fair Trade Commission (KFTC).

Setting up firefighting-related devices and doing wiring work, including automatic fire detectors, are required, when new apartments are built.

Of the 23 companies, the regulator imposed the fine on Johnson Controls Korea and other 21 firms. It also ordered all of the 23 firms to take corrective measures. (Yonhap)

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