Gov't, ruling party vow harsher sanctions on companies over collusive practices
The government and the ruling Democratic Party of Korea (DPK) agreed Monday to pursue legal amendments to strengthen sanctions against companies that repeatedly engage in collusive practices. The ruling party and the government will introduce a system to revoke business registrations or suspend operations of companies found guilty of price fixing or bid rigging in 17 industrial sectors, Min Byoung-dug, deputy chair of the party's policy committee, told reporters after a DPK-government policy consultation meeting. The 17 sectors include safety, energy and transportation, and the party and the government plan to amend the Fair Trade Act, as well as 17 relevant sector-specific laws, to implement the new system, Min said. They will extend the statute of limitations for sanctions against collusive practices, while linking information on large-scale public tenders commissioned by offices of education with the Fair Trade Commission's Bid-Rigging Indicator Analysis System. In addition, they will strictly enforce previously revised laws that allow punitive fines to be imposed for repeated collusi
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