Renovation Firms Fined Millions For Price Fixing
"); jQuery("#212 h3").html("
"); jQuery(document).ready(function() { jwplayer.key='EKOtdBrvhiKxeOU807UIF56TaHWapYjKnFiG7ipl3gw='; var playerInstance = jwplayer("jquery_jwplayer_1"); playerInstance.setup({ file: "https://newsstatic.rthk.hk/audios/mfile_1523417_1_20200429180638.mp3", skin: { url: location.href.split('/', 4).join('/') + '/jwplayer/skin/rthk/five.css', name: 'five' }, hlshtml: true, width: "100%", height: 30, wmode: 'transparent', primary: navigator.userAgent.indexOf("Trident")>-1 ? "flash" : "html5", events: { onPlay: function(event) { dcsMultiTrack('DCS.dcsuri', 'https://news.rthk.hk/rthk/en/component/k2/1523417-20200429.mp3', 'WT.ti', ' Audio at newsfeed', 'WT.cg_n', '#rthknews', 'WT.cg_s', 'Multimedia','WT.es','https://news.rthk.hk/rthk/en/component/k2/1523417-20200429.htm', 'DCS.dcsqry', '' ); } } }); }); });
2020-04-29 HKT 16:26
Share this story
Ten renovation companies found guilty of price fixing at Kwun Tong public housing estate have been slapped with fines totalling HK$3.97 million.
The Competition Commission imposed fines ranging between HK$132,000 and HK$740,000 on the firms. All of whom were found guilty last May in a landmark case since competition laws were implemented in Hong Kong in 2015.
The ten firms were ruled to have fixed prices when providing decoration services to tenants in On Tat Estate.
The watchdog capped the fines at the statutory limits for such penalties, which is at ten percent of their turnover.
Tribunal president Godfrey Lam also ordered the companies to share the bill of the Competition Commission's legal costs.
He said that none of the firms got a penalty reduction as none of them had cooperated with the investigations.
One of the firms had asked for a reduction in the penalty because of financial difficulties.
However, Justice Lam rejected the request, saying there's no clear and compelling evidence it can't pay the money.
HSBC Launches TradeCash In Hong Kong To Accelerate Trade Finance Access
HSBC has launched a digital trade finance tool called HSBC TradeCash, allowing businesses in Hong Kong to upload sales ... Read more
HKEX And HKMA Launch Pilot On E-HKD For After-Hours Margin Payments
Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) have launched a joint pilot... Read more
Can You Trust AI Agents To Stay Within Your Intent?
Checking someone’s ID at the door of a nightclub tells you who they are, but it does not tell you how they will behav... Read more
China CITIC Bank Taps Tencent Cloud For Fintech 2.0 Banking Push In Hong Kong
Tencent Cloud has signed a strategic cooperation agreement with China CITIC Bank International (CNCBI) to support the d... Read more
Payful Launches Cloud-Based Visa Charge Card Programme Via BPC SmartVista
Chinese cross-border payment company Payful has launched a cloud-native Visa charge-card programme for corporate and me... Read more
Hong Kong Banking Taskforce Convenes To Plan Northern Metropolis Financing
The Northern Metropolis Financial Advisory Taskforce held its inaugural meeting on 17 June to discuss the financing nee... Read more