By Lee Kyung-min
Seven executives of four construction firms were indicted without physical detention on charges of rigging bids in 2009 while participating in the Saemangeum land reclamation project in North Jeolla Province, said the prosecution Sunday.
The four companies affected are SK Engineering and Construction (E&C), Daewoo Engineering and Construction, KOLON Global, and GumGwang.
Additional to the seven people indicted, SK E&C was also accused of violating the fair competition rules, said the prosecution.
If found guilty, the accused executives are subject to prison terms of up to five years, and a fine will be imposed on SK E&C.
The prosecution said that to avoid competition, SK E&C met officials from GumGwang and KOLON Global to fix the bidding price.
As part of this scheme, Daewoo submitted an incomplete and substandard report that fell short of requirements on purpose to let other companies win the bid.
On April 2010, SK E&C won the bid at 103 billion won ($92 million).
The four are among 14 builders fined by the Fair Trade Commission (FTC) for collusion in July last year.
The anti-trust watchdog fined the builders a combined 435.5 billion won for collusion in the construction project, and asked the prosecution to investigate them.
The fined firms included GS Engineering & Construction (E&C), Daelim, Hyundai Development Company, SK E&C, Daewoo E&C, Hyundai E&C, Doosan E&C and Ssangyong E&C.
Seven executives of four construction firms were indicted without physical detention on charges of rigging bids in 2009 while participating in the Saemangeum land reclamation project in North Jeolla Province, said the prosecution Sunday.
The four companies affected are SK Engineering and Construction (E&C), Daewoo Engineering and Construction, KOLON Global, and GumGwang.
Additional to the seven people indicted, SK E&C was also accused of violating the fair competition rules, said the prosecution.
If found guilty, the accused executives are subject to prison terms of up to five years, and a fine will be imposed on SK E&C.
The prosecution said that to avoid competition, SK E&C met officials from GumGwang and KOLON Global to fix the bidding price.
As part of this scheme, Daewoo submitted an incomplete and substandard report that fell short of requirements on purpose to let other companies win the bid.
On April 2010, SK E&C won the bid at 103 billion won ($92 million).
The four are among 14 builders fined by the Fair Trade Commission (FTC) for collusion in July last year.
The anti-trust watchdog fined the builders a combined 435.5 billion won for collusion in the construction project, and asked the prosecution to investigate them.
The fined firms included GS Engineering & Construction (E&C), Daelim, Hyundai Development Company, SK E&C, Daewoo E&C, Hyundai E&C, Doosan E&C and Ssangyong E&C.
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