FTC to fine 15 firms $1.2 bil. for rigging gov't bond bids
Korea's fair trade watchdog said Wednesday it has decided to impose 1.62 trillion won ($1.2 billion) in fines on 15 financial companies for colluding in government bond auctions for more than three years. The Fair Trade Commission (FTC) said the firms, all primary dealers comprising 10 brokerage houses and five banks, exchanged information on bidding yields and volumes through phone calls and…
The Fair Trade Commission (FTC) of Korea has imposed a record-breaking fine of 1.62 trillion won ($1.2 billion) on 15 financial firms for colluding in government bond auctions over a three-year period. The companies, which include 10 brokerage houses and five banks, were found to have exchanged information on bidding yields and volumes through phone calls and messaging apps during 150 auctions between January 2020 and June 2023.
The FTC's investigation revealed that in 145 of these auctions, the companies went beyond exchanging information to reach agreements on specific bidding yields or volumes, constituting bid rigging. This is the largest fine ever imposed by the FTC in a single case, surpassing the previous record of 1.03 trillion won levied on Qualcomm for unfair practices in 2016.
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- FTC to fine 15 firms $1.2 bil. for rigging gov't bond bids koreatimes.co.kr
