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The Korean prosecution service brand is seen on a door on the Seoul Central District Prosecutors’ Workplace in Seoul’s Seocho District, Jan. 12. Yonhap
Eight elements suppliers for Korea Electrical Energy (KEPCO), the state energy utility, and their 11 workers had been referred to trials on Tuesday on expenses of rigging bids value about 670 billion gained ($454 million), the prosecution stated.
The Seoul Central District Prosecutors Workplace stated 4 workers from Hyosung Heavy Industries, HD Hyundai Electrical, LS Electrical and Iljin Electrical have been arrested and indicted on expenses of violating the Honest Commerce Act via bid rigging.
The 4 firms, which led the alleged collusion, and 4 different small and medium-sized firms that participated within the unlawful follow had been additionally indicted below the authorized precept of twin punishment, the prosecution stated. Seven different workers of the businesses have been referred to trials with out detention, it added.
The indicted firms are accused of unfairly limiting competitors by colluding to set bid costs and choose the profitable bidders prematurely in 145 bids for gasoline insulated switchgear ordered by KEPCO from March 2015 to September 2022.
The businesses, which account for 90 % of the nation’s gasoline insulated switchgear market, are suspected of incomes at the least 160 billion gained in illicit income via the alleged bid rigging value 677.6 billion gained.
Prosecutors imagine that the businesses’ alleged bid rigging had raised their profitable bid costs for seven years and 6 months, thereby inflicting injury, equivalent to elevated electrical energy payments, to most of the people.
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