Korea’s anti-trust watchdog said Monday that it has fined 12 construction firms a combined 40.2 billion won ($37.2 million) for collusion in the bidding process for a large-scale metropolitan railway construction project.

Those subject to the fine include big name builders such as Hyundai Engineering & Construction, Daelim Industrial, Samsung C&T., POSCO Engineering & Construction, SK Engineering & Construction and GS Engineering & Construction, according to the Fair Trade Commission.

The FTC said that it will refer eight of them to the prosecution for further investigation. The builders are alleged to have secretly held meetings and exchanged opinions in advance to determine who should be selected to lead the project for a 798.9 billion won railway construction project underway in Daegu.

The FTC said that they participated in the bidding in April 2009 for seven of eight sections of the construction by pre-determining a company to be selected in advance. (Yonhap)