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.
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. and avoid price competition, according to the Fair Trade Commission.
