The Honest Commerce Investigation Division of the Seoul Central District Prosecutors’ Workplace, headed by Chief Prosecutor Na Hee-seok, has just lately sought arrest warrants for 5 executives and workers of main energy tools producers, together with LS Electrical and Iljin Electrical.
The businesses are suspected of colluding upfront to debate quantity allocations to be able to inflate successful bid costs and safe steady order volumes throughout Korea Electrical Energy Corp.’s tenders for gas-insulated switchgear (GIS) value a complete of 560 billion received (roughly $378.66 million) between 2015 and 2022. GIS is a key system used at energy crops and substations to quickly minimize off extreme present and shield energy services.
After launching search-and-seizure operations towards the businesses and people concerned on Oct. 15, prosecutors performed a two-month investigation, questioning dozens of individuals related to 10 firms. Arrest warrants had been reportedly sought for workers whose involvement within the alleged wrongdoing was deemed clear.
Within the KEPCO energy tools bid-rigging case, the Honest Commerce Fee (FTC) has already imposed fines and filed legal complaints towards the company entities concerned. In July, KEPCO notified firms suspected of taking part within the collusion of restrictions on their eligibility to take part in future bids and filed injury compensation lawsuits. The businesses, in flip, have challenged the FTC’s findings, submitting administrative lawsuits in search of to overturn the penalties on the grounds that the investigation was flawed.
