5 major builders fined for colluding to fix bidding prices in Korea

South Korea's antitrust watchdog said Thursday that it has fined five major builders a combined 25.1 billion won (US$23.8 million) for colluding in the bidding process for a construction project at a port in the southeastern part of the country.
The five -- Hyundai Engineering and Construction Co., POSCO Engineering and Construction Co., Daelim Industrial Co., SK Engineering & Construction Co. and Hyundai Development Co. -- were accused of secretly having meetings and telephone conversations to fix bidding prices for the project to build facilities around the Youngilman port in Pohang.