Gov't, ruling party vow harsher sanctions on companies over collusive practices

South Korea's government and ruling party will impose harsher sanctions including revoking business registrations and suspending operations for firms repeatedly involved in collusion such as price fixing or bid rigging across 17 industrial sectors. They will amend the Fair Trade Act, extend sanction statute of limitations, and integrate public tender data with the Fair Trade Commission’s Bid-Rigging Indicator Analysis System.

This Wire brief sits within Fusion42's coverage of Generalist.