123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> General >> View Article

12 Firms Fined $7.5 Million For Price Fixing Over Samsung's Chip System Bids

Profile Picture
By Author: Argus News
Total Articles: 472
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Seoul, June 2: South Korea's antitrust regulator said Sunday it has decided to impose a combined 10.46 billion won ($7.55 million) in fines on 12 domestic companies for colluding to fix bidding prices over a semiconductor monitoring and control system by Samsung SDS.

PS ENG, Daean C&I, Doota IT, and nine other companies colluded to predetermine a winning bidder through prior discussions about quotations in a total of 334 bids issued by Samsung from 2015 through 2023, according to the Fair Trade Commission (FTC).

They had done so to prevent low-cost bidding and prevent newcomers from winning the contracts after Samsung adopted a bidding system in 2015 with a goal to cut costs, reports Yonhap news agency.

"The collusion had affected the competitiveness of the semiconductor industry and caused damage to customers due to rising prices," the FTC said in a release, saying it also ordered the companies to take corrective measures.

The system is designed to ensure optimum conditions at semiconductor manufacturing factories and the safety of workers, and it monitors and controls pump, chiller, specialty gas, and overall facilities needed for chip production, among other things.

(IANS)

Read more: Business news

More About the Author

Abinash is a passionate digital marketing specialist. He is digitally savvy and loves to learn new things about the world of digital technology useful information.

Total Views: 54Word Count: 187See All articles From Author

Add Comment

General Articles

1. International School In Malaysia | Top International School In Malaysia
Author: elisha

2. Sonofitâ„¢ | Uk Official | #1 New Hearing Formula
Author: rajesh

3. Essential Benefits Of Digital Marketing Efforts
Author: Anthea Johnson

4. Dissatisfaction Of Even Old-time Customers With Amazon India
Author: Yash Kumar

5. Vidmate App Download For Android
Author: vidmate app

6. Finding The Best Seo Company In Mumbai
Author: Siddhi Dheniya

7. Melasma Laser Treatment For Smooth And Even Skin Tone
Author: pavitra

8. Winter Beauty Package At La Femme Hair, Skin & Bridal Salon At La Femme In Satellite, Ahmedabad
Author: lafemmeindia

9. How To Get Your Clients To Make Faster Payments?
Author: Invoice Temple

10. Discover Why We Are The Best Multispeciality Hospital In Jaipur
Author: YATIKA

11. Gutters, Roofing, Windows, And Sidings | What Comes First?
Author: Gutter Empire LLC

12. The Role Of Technology In Outstation Taxi Bookings
Author: RIDEXPRESS

13. Crystalline Designers
Author: Crystalline

14. Wpc Outdoor Wall Panels
Author: karthik

15. The Importance Of Pharma Hcp Engagement In Modern Healthcare
Author: Jesvira

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: