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Electronics Production | February 07, 2012

Korean defense manufacturers fined for cartel

Four major defense manufacturers in Korea have been fined for alleged involvement in a cartel according to the Korean Fair Trade Commission.
LIG Nex1, Samsung Thales, Hanwha Corp. and STX Engine Co. Have been fined 5.99 billion won for alleged involvement in a cartel in a project, worth 2.7 trillion won, to build submarines.

LIG Nex1, Hanwha Corp and STX Engine Co. allegedly prearranged bidding for four contracts, arranging for each company to be sole bidder on a project. The companies later told Samsung Thales of the deal by offering them sole bid in the weapon systems project.

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Source: Korean Times

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