FTC slaps W9.3b antitrust fine on Daebo E&C

South Korea’s antitrust watchdog said Sunday it has slapped local construction firm Daebo Engineering & Construction with a 9.3 billion won ($7.84 million) fine for violating subcontracting laws.

The Fair Trade Commission said the firm did not pay 247 million won to 196 subcontractors between 2016 and 2018. It was also found to have paid subcontractors promissory notes even though it received the payment in cash from its clients.

The FTC said the payments were processed during the course of the investigation.

Over the past three years, Daebo E&C has received three warnings and one corrective order from the FTC for similar violations.

“This measure was taken strictly to establish a fair subcontracting order for companies that repeatedly violate the law,” an FTC spokesperson said.

By Shin Ji-hye (shinjh@heraldcorp.com)