SEOUL– South Korea’s antitrust regulator said Sunday it has decided to impose a combined fine of 4.9 billion won (US$4.1 million) on three transport companies for colluding to fix bidding prices.
Sejoong Co. and two other companies colluded to fix their quotations to win shipping engine transport and other bids that were put forward by Doosan Engine, the predecessor of HSD Engine, between 2008 and 2016, according to the Korea Fair Trade Commission (KFTC).
They colluded to set Sejoong as the prospective bidder in advance and fix bidding prices to have the company win the bidding. Later, Sejoong assigned part of its orders to the two other firms, making the three effectively handle Doosan Engine’s orders every year.
The KFTC ordered them to take corrective measures.
Source: Yonhap News Agency