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South Korea's corporate watchdog said Sunday that it has levied a total of 15.7 billion won ($14.7 million) in fines on 26 cement manufacturers for cartel activities.
The Fair Trade Commission said the ready-made concrete (remicon) manufacturers colluded to set the prices of remicon provided to smaller construction firms between 2009 and 2016.
They also distributed remicon deals under preset criteria, according to the FTC.
Ready-made concrete or unset concrete is used in most construction projects across the country and is moved by specially made trucks.
Due to their price collusion, prices of remicon have been on the rise, the corporate watchdog said.
The FTC also referred the 26 remicon manufacturers to state prosecutors for further investigation. (Yonhap)
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