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Security service firms fined for hampering competition
By Seo Jee-yeonPublished : Oct. 12, 2014 - 20:52
South Korea’s antitrust watchdog said Sunday that it has fined two major security and safety service providers a combined 5 billion won ($4.7 million) for hampering market competition through years-long covert cooperation.
S1 Corp., an affiliate of Samsung Group, and ADT CAPS were fined 2.5 billion won each for sharing their equipment in provincial regions with a promise not to compete against each other in those areas, according to the Fair Trade Commission.
The equipment sharing took place from 2000-2002 in places where their security infrastructure was not well-established. The collusion not to compete continued for more than a decade, the FTC said.
With such collusion, the two have dominated 95-100 percent of the market share in the regions, blocking competition from other smaller companies, the watchdog said. (Yonhap)
S1 Corp., an affiliate of Samsung Group, and ADT CAPS were fined 2.5 billion won each for sharing their equipment in provincial regions with a promise not to compete against each other in those areas, according to the Fair Trade Commission.
The equipment sharing took place from 2000-2002 in places where their security infrastructure was not well-established. The collusion not to compete continued for more than a decade, the FTC said.
With such collusion, the two have dominated 95-100 percent of the market share in the regions, blocking competition from other smaller companies, the watchdog said. (Yonhap)
