The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Business
  • Tech
  • Bio
  • Companies
Tue, July 5, 2022 | 05:37
Retail & Food
Siemens punished for colluding in CT scanner bid
Posted : 2020-03-15 09:52
Updated : 2020-03-15 18:17
Print Preview
Font Size Up
Font Size Down
gettyimagesbank
gettyimagesbank

By Nam Hyun-woo

gettyimagesbank
Siemens Korea CEO ChewKong Lum
Siemens Korea was punished by the Fair Trade Commission (FTC) for colluding with Canon Medical Systems Korea to win a contract to supply a CT scanner to a local hospital, the antitrust agency said Friday.

The FTC issued correction orders and fines to the two companies for a combined 54 million ($44,103) for the collusion, which occurred in 2015.

The FTC said it found Siemens Korea and Canon Medical Systems Korea agreed to have the latter play a supporting role for the former to win the bid.

As a result, Siemens believed it had a high chance of winning the bid, but was concerned that the bidding would be cancelled because of a possible departure by Canon Medical Systems from the process.

Siemens asked Canon Medical Systems to join the bidding and provided it with some support. After Canon accepted the request, it tendered a price higher than Siemens, which resulted in Siemens winning the bidding at 1.55 billion won.

The FTC said this was a violation of the Monopoly Regulation and Fair Trade Act, which prohibits unfair collaborative activities on deciding successful bidders, bidding prices, or contract prices.

Siemens Korea and Canon Medical Systems Korea were slapped with fines of 33 million won and 21 million won, respectively.

The country's top anti-trust regulator said the punishment bears significance given the companies have colluded in the business of medical devices, which is heavily related to public health.

"Through this measure, we expect to spur fair competition between medical device companies," an FTC official said. "The FTC will spare no efforts to enhance monitoring on the health care and medical industries and will impose strict punishments to violators."
Established in 1989, Siemens Korea reported 556.5 billion won in sales and generated 10.66 billion won in operating profit in 2018. Though its 2018 operating profit declined by 73 percent from a year earlier, its net profit grew two-fold to 171.4 billion won during the same period.

Canon Medical Systems was established in 2009 and posted 35.97 billion won in sales and 1.03 billion won in operating profit in 2018.

Canon Medical Systems Korea was Toshiba Medical Systems Korea at the time of violation. The company was renamed in January 2018 after Canon Group acquired Toshiba's medical unit in December 2016.


Emailnamhw@koreatimes.co.kr Article ListMore articles by this reporter
 
LG
  • Typhoon Aere forecast to bring extended heatwave
  • [ANALYSIS] Korean exporters start rethinking 'China strategy'
  • Banks favor 'MZ generation' celebrities for marketing in digital era
  • 'Korea, Japan should restore visa waiver program'
  • Pakistan unveils Buddhist heritage in documentary
  • KT drama 'Extraordinary Attorney Woo' popular on Netflix
  • [INTERVIEW] 'Repatriation puts fear in eyes of all North Koreans,' rights expert says
  • Georgian wine ready to captivate Korean market
  • 'Global firms look to Korea for inspiration and trends': Kantar CCO
  • Photo of Yoon staring at blank computer screen raises eyebrows
  • Moon Geun-young to make directorial film debut at BIFAN Moon Geun-young to make directorial film debut at BIFAN
  • Lee Jung-hyun returns to big screen after becoming a mom Lee Jung-hyun returns to big screen after becoming a mom
  • BLACKPINK's 'Ddu-du Ddu-du' sets YouTube views record for K-pop group BLACKPINK's 'Ddu-du Ddu-du' sets YouTube views record for K-pop group
  • [INTERVIEW] How Frank Wildhorn became most popular musical composer in Korea [INTERVIEW] How Frank Wildhorn became most popular musical composer in Korea
  • Maroon 5 to hold concert in Seoul on Nov. 30 Maroon 5 to hold concert in Seoul on Nov. 30
DARKROOM
  • Afghanistan earthquake killed more than 1,000

    Afghanistan earthquake killed more than 1,000

  • Divided America reacts to overturn of Roe vs. Wade

    Divided America reacts to overturn of Roe vs. Wade

  • Namaste: Yogis to celebrate International Yoga Day

    Namaste: Yogis to celebrate International Yoga Day

  • Poor hit harder by economic crisis

    Poor hit harder by economic crisis

  • Roland Garros 2022

    Roland Garros 2022

The Korea Times
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Location
  • Media Kit
  • Contact Us
  • Products & Service
  • Subscribe
  • E-paper
  • Mobile Service
  • RSS Service
  • Content Sales
  • Policy
  • Privacy Statement
  • Terms of Service
  • 고충처리인
  • Youth Protection Policy
  • Code of Ethics
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group