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8 companies to pay $2.6 million over price fixing in South Korea

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Christian Fernsby |
Fair Trade Commission
Asia   Fair Trade Commission

South Korea's antitrust regulator said Monday it has fined eight logistics companies a combined 3.1 billion won ($2.6 million) for colluding to fix their bidding prices for a state-run utility firm and its three power generation units.

Topics: South Korea price fixing

Hanjin Transportation Co., CJ Logistics Corp. and six other logistics companies fixed their bids on 10 occasions between 2011 and 2016 to secure a stable quantity of goods for transportation from Korea Electric Power Corp. (KEPCO) and avoid price competition, according to the Fair Trade Commission (FTC).

The logistics companies transported transformers, bituminous coal and other goods for the South Korean state utility company and its three units.

The commission fined Hanjin Transportation and CJ Logistics 706 million won and 445 million won, respectively. The remainder was apportioned to the six other smaller companies.

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