FINWIRES · TerminalLIVE
FINWIRES

Hong Kong Competition Watchdog Strengthens Anti-Collusion Rules for Tenders

By

Hong Kong's Competition Commission introduced enhanced anti-collusion clauses for procurement contracts, aiming to curb bid-rigging and other cartel conduct in high-value tenders, according to a Thursday press release.

The revised clauses state that bidders found engaging in collusive conduct may face civil damages, penalties and potential criminal liability, including conspiracy to defraud, which carries a maximum prison sentence of 14 years.

The updated framework also requires bidders to submit a statutory declaration confirming their bids were prepared independently and free of collusive practices.

Making a false statutory declaration may result in criminal liability, carrying a maximum penalty of two years' imprisonment and a fine.

Related Articles

Asia

OCR Group to Acquire Stake in Chester Properties for MYR20 Million

OCR Group (KLSE:OCR) signed a conditional sale agreement with Howard Chew Si Hoo to acquire a 49% stake in Chester Properties for 19.6 million ringgit, according to a Wednesday Malaysia Bourse filing.The consideration will be satisfied entirely through the issuance of 478 million shares at 0.041 ringgit per share.Chester Properties has 11 branches across Malaysia and has been engaged in the marketing of more than 32 property development projects.

KLSE:OCR
Asia

Taiwan's Fair Trade Commission Extends Review Deadline for Grab-Foodpanda Deal

Taiwan's Fair Trade Commission on Wednesday extended its review of Grab's proposed acquisition of Delivery Hero SE's Foodpanda business in Taiwan by 60 days to Oct. 27, according to an official notification.The regulator said market structure remains a "dual-ownership" situation after the merger of Grab and FPx, with Uber holding 13% of Grab's shares and 3.7% of its voting rights.Therefore, given the "shareholding linkage" between the two companies, it was necessary to further analyze the impact of the merger on market competition in Taiwan, as it may affect the incentive and ability of UberEats and Grab to compete, it said.It may result in a "unilateral or synergistic effect similar to a horizontal merger," the commission added.

Taiwan Weighted
Asia

Laramide Resources Says Updated Assessment for Queensland Uranium Project Shows 'Strong' Economics

Laramide Resources (ASX:LAM) said an updated preliminary economic assessment for its Westmoreland uranium project in Queensland indicates "strong" project economics with a post-tax net present value of $741.1 million and an internal rate of return of 33%, according to a Thursday filing with the Australian bourse.The assessment also shows average annual production of about 4.9 million pounds of triuranium octoxide and total production of about 47.9 million pounds over an initial mine life of 11 years, per the filing.The company said the assessment pegged the initial capital cost at about $456 million, plus a contingency of $84 million, with an estimated payback period of roughly 2.5 years.The updated study incorporates a decade of technical advancement and replaces a previous assessment from 2016."Significantly, this study positions Westmoreland for the next stage of development," said Rhys Davies, Laramide Resources' vice president of exploration. "The company is prepared to lodge a mining lease application as soon as permitted by the Queensland government."

ASX:LAM