Builders vow to stamp out bid rigging

South Korean builders Wednesday released a set of measures to root out the long-standing price-fixing practices, following the special presidential pardons received by some businessmen on the 70th anniversary of Korea’s liberation from Japan.

Executives of 72 major construction firms that were under administrative restrictions due to bid rigging, pledged to step up their three-strike system to wipe out illegal practices and create a fair society.

The Construction Association of Korea said the builders will also hold the head of each firm responsible for any unfair corporate practices.

As for their social contribution, the construction firms will launch a public foundation with 200 billion won ($170 million) in capital within this year.

(monicasuk@heraldcorp.com)