Geumgang Construction has been sanctioned by the Korea Fair Trade Commission (KFTC) for unfair practices in competitive bidding.
The KFTC announced on the 21st that it imposed a corrective order and a fine of 379 million won on Geumgang Construction for unilaterally reducing subcontract payments.
This incident occurred in March 2018 during the construction of a mixed-use residential and commercial building in Anheung-dong, Icheon. After securing the contract through competitive bidding, Geumgang Construction renegotiated with the lowest bidder, forcing a reduction in payment. As a result, the lowest bidder had to sign a subcontract for 490 million won less than the original bid amount.
The KFTC determined that this reduction in payment was made without justifiable reason and caused significant harm to the subcontractor. This sanction reflects the KFTC's strong commitment to improving unfair subcontracting practices.
https://www.newsmun.com/news/articleView.html?idxno=1040
Geumgang Construction Fined 379 Million Won by the Fair Trade Commission for Unfair Subcontracting Practices
Geumgang Construction has been sanctioned by the Korea Fair Trade Commission (KFTC) for unfair practices in competitive bidding.The KFTC announced on the 21st
www.newsmun.com