SEOUL– South Korea’s antitrust regulator said Thursday it has decided to impose a combined fine of 340 million won (US$285,000) on two transport companies for rigging bids to win three projects by the country’s major shipbuilder, Daewoo Shipbuilding & Marine Engineering Co.

In 2014, Sebang Co. and Dongbang Transport Logistics Co. colluded to fix their price quotations on a transport project to make sure Saebang won the deal. After winning the bidding, Sebang assigned part of the order to Dongbang Transport Logistics, according to the Fair Trade Commission.

They did the same on two separate bids in 2016 and 2017, according to the commission.

Sebang faced 220 million won and Dongbang Transport Logistics 120 million won in fines, respectively, and they were ordered to take corrective measures, it added.

Source: Yonhap News Agency