Japan Panel Levies Bid-Rigging Fines: An investigation...
Japan Panel Levies Bid-Rigging Fines: An investigation showed that since 1987, 37 companies have fixed contract winners in advance in bidding for foreign aid material and equipment for the Japan International Cooperation Agency. The Fair Trade Commission said it ordered the companies to pay $1.7 million in penalties to cover the extra profits the companies made over the last three years by arranging artificially high bids for 631 projects. The companies have admitted wrongdoing and agreed to pay, the commission said. They include Mitsui & Co., Mitsubishi Corp., Marubeni Corp., Sumitomo Corp., Nissho Iwai Corp. and Kanematsu Corp.
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