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					Press Release

                    A Reward of 66.87 million won
               Paid to Informant of Welding Rod Cartel


 The KFTC paid a reward of 66.87 million won (about 63,700 USD) on June 13,
  2005, to a person who provided decisive evidence in a welding rod cartel case.
 This is the largest reward ever paid to cartel informants. To keep confidentiality,
the KFTC paid the reward money without revealing the identity of the informant.

The evidence was provided at the time the KFTC did not yet have evidence or
decisive information against the welding rod manufacturers that participated in
the cartel. Based on the evidence, the KFTC began investigations and imposed,
in its ruling made on May 9, 2005, a 4.187 billion won surcharge on six welding
rod manufacturers.

The evidence submitted by the informant included the names of executives of the
six cartel member companies, meeting place and details of agreement, which
played a decisive role in concluding the case.

Under the Informant Reward System, those who are indirectly related to cartel
behavior can provide evidence. This will enhance KFTC’s capabilities to detect
cartel practices and strengthen internal and external monitoring of cartels, which
creates distrust among cartel conspirators and, therefore, prevents cartels from
being formed. The KFTC expects that this case will serve as a good example,
encouraging outsiders like consumers, retired executives and staff of cartel
participants, companies doing business with cartel participants to provide cartel
evidence.




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posted:9/5/2011
language:English
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