South Korea FTC Slaps $17.4 Million Fine for Furniture Bid-Rigging Scheme
The South Korean FTC has fined 48 furniture firms $17.4M for a decade-long bid-rigging scheme. Enex and Hanssem face significant penalties for colluding on 240 bids.
A $17.4 million price-fixing scandal has shaken the South Korean furniture industry. The Fair Trade Commission (FTC) announced on Monday that it's fining 48 furniture manufacturers for colluding on bids for built-in fixtures ordered by major construction firms.
FTC Furniture Bid-Rigging Fine 2025: Decade of Collusion Uncovered
According to the FTC, these companies predetermined winners and bid prices between September 2013 and May 2022. The anti-competitive behavior spanned 240 bidding processes involving 54 construction companies, impacting the costs of kitchen cabinets and closets in new apartments nationwide.
Key Penalties: Enex and Hanssem Face Major Fines
Among the penalised firms, Enex Co. faces the heaviest hit with a 5.84 billion won ($4.06 million) penalty. Industry giant Hanssem Co. follows with a fine of 3.8 billion won ($2.64 million).
| Company | Fine Amount (KRW) |
|---|---|
| Enex Co. | 5.84 Billion |
| Hanssem Co. | 3.8 Billion |
| Others (46 firms) | 15.36 Billion (Combined) |
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