S. Korea slaps 5.45 billion won fine on 12 logistics firms over bidding collusion

The Korea Fair Trade Commission fined CJ Logistics, Lotte Global Logistics, and 10 other logistics firms a combined 5.45 billion won for colluding to fix bidding prices for transportation of imported agricultural products.

The regulator also ordered the 12 firms to take corrective actions.

According to KFTC, the logistics firms colluded in 60 rounds of bidding put forward by the Korea Agro-Fisheries & Food Trade Corp. over distributions of imported agricultural goods in 2006-2018 to choose final bidders and fix the prices and volume distributions.

Consequently, it hampered price competition in deals estimated at 55 billion won.

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