South Korea's antitrust watchdog said Sunday that it has fined three major local builders a combined 25 billion won (US$23.9 million) for colluding to fix bidding prices in a public project to build tidal outlets.
Samsung C&T, GS Engineering and Construction and Hyundai Engineering and Construction fixed their bidding prices for the project initiated in July 2009 by the state-run Korea Water Resources Corp., according to the Fair Trade Commission (FTC). The 221.7 billion won project is for building tidal outlets in the lower part of the Nakdong River that flows in the southern part of the country.