7 cable makers fined 16 bln won for collusion

SEJONG-- South Korea's corporate watchdog said Thursday that it has slapped some 16 billion won (US$14.6 million) in fines on LS Cable & System Corp., and six other cable makers 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, according to the Fair Trade Commission (FTC).

The corporate watchdog said it referred chiefs of the companies to the prosecution for further investigation.

In January this year, eight cable makers were also fined for similar price collusion.

Source: Yonhap News Agency

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