Three firms fined $600,000 for rigging F1 bids
Three companies that rigged bids to provide electrical services for the Formula 1 Singapore Grand Prix from 2015 to this year were fined $609,118 yesterday.
The Competition Commission of Singapore (CCS) found that when the tender for electrical services was called in December 2014, Chemicrete, Cyclect Electrical, HPH and Peak Top submitted separate bids.
The CCS found that Cyclect Group had told HPH and Peak Top how much to bid, so that Cyclect Electrical, one of its subsidiaries, could win.
Among the evidence presented yesterday was a WhatsApp conversation.
On Dec 10, 2014, an HPH director sent a message to a manager at Chemicrete, also part of the Cyclect Group: "Bro have u check with your md (managing director) on the Grand Prix tender. How he want to work together. Or he want me to submit a bogus price only. The tender quite big and a lot of things to do. Please advise."
Cyclect Group was fined $559,297; HPH, $28,128; and Peak Top, $21,693.
Separately, two of the three parties were fined over another bid-rigging offence.
For this, Cyclect Group was fined $12,000 and HPH was fined $5,000. - JOSE HONG