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Article: UK competition regulator accuses 112 construction firms of bid-rigging
- Article from:
- AP Worldstream
- Article date:
- April 17, 2008
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Britain's competition regulator accused 112 construction companies on Thursday of colluding on bids. A construction industry federation contended that the alleged violations did not result in extra costs for buildings.
The Office of Fair Trading said more than 40 of the firms had admitted price-fixing, and another 37 had applied for leniency. Businesses named in Thursday's announcement have 30 days to respond to the agency.
A key issue in the investigation is "cover pricing," in which some companies agree to submit artificially high bids that are not intended to win a contract.
"Cover pricing arrangements have previously been found by the OFT and the ...