South Korea's antitrust regulator said Sunday it has decided to fine 11 logistics firms a combined 5.45 billion won ($4.98 million) for colluding to fix their bidding prices for transportation of imported agricultural products.

Leading logistics firms CJ Logistics, its rival Lotte Global Logistics and 10 other firms colluded to fix their quotations in 2006-2018 for 60 rounds of bidding over distributions of imported agricultural goods, according to the Korea Fair Trade Commission (KFTC).

They colluded to choose final bidders and fix bidding prices and the volume of distributions, prior to the bidding put forward by the Korea Agro-Fisheries & Food Trade Corp., hampering price competition, it said.

The deals were estimated at 55 billion won.

The regulator ordered the 12 firms to take corrective measures.

The KFTC also said it will file a complaint with the prosecution against nine firms, including CJ Logistics and Lotte Global Logistics, over price fixing. (Yonhap)