FTC wins suit against Taeyoung

[THE INVESTOR] The Fair Trade Commission announced on June 24 that it has won the lawsuit filed by Taeyoung, a local construction firm.

Taeyong, Hanwha E&C and Samsung Heavy Industries and four other construction companies were fined for fixing the bidding price for a Korea Rural Community Corporation contract in 2010.

The companies were fined a total of 9.85 billion won (US$8.4 million), and Taeyong had filed a suit saying that the 690 million won fine was unjust.

The Seoul High Court, however, sided with the FTC and upheld the fine.

By Choi He-suk (cheesuk@heraldcorp.com)