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6 logistics firms fined over price fixing

This image, provided by Yonhap News TV, shows the Korea Fair Trade Commission in the central administrative city of Sejong. (Yonhap)
This image, provided by Yonhap News TV, shows the Korea Fair Trade Commission in the central administrative city of Sejong. (Yonhap)

South Korea's antitrust regulator said Tuesday it has decided to impose a combined 6.53 billion-won ($5.06 million) fine on six logistics firms for fixing prices.

Industry leader CJ Logistics Corp., Dongbang Transport Logistics and four others colluded to fix price quotes in order to win bids for loading and unloading work at ports that was offered by top steelmaker POSCO between 2016 and 2018, according to the Fair Trade Commission (FTC).

They colluded to divide volumes of work in advance and fix bidding prices in order to easily win contracts, the regulator said.

The FTC plans to impose the largest fine on Dongbang at 2.2 billion won, followed by CJ Logistics at 1.02 billion won.

The regulator said the latest punitive action will help curb collusion in the transport market and spur competition. (Yonhap)

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