Law360, London (March 1, 2019, 5:29 PM GMT) -- The U.K.’s antitrust agency slapped five construction companies with fines totaling £7 million ($9.3 million) on Friday after they admitted to engaging in a criminal cartel to rig the prices they would bid for contracts.
An investigation by the Competition and Markets Authority uncovered that each company broke competition law at least once over an 11-year period by submitting inflated bids and price quotes on the assumption that the tender will not be accepted — a practice also known as cover bidding — the regulator said.
Based in London and the South of England, the businesses provide design and refurbishment services...
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