Renovation Firms Fined Millions For Price Fixing
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2020-04-29 HKT 16:26
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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.
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