South Korea's corporate watchdog said Sunday that it levied a combined 11.6 billion won ($11 million) in fines on four major farm good wholesalers for colluding on their commissions.
According to the Fair Trade Commission, Hankook Fruits and Vegetables Co. and three other wholesalers that serve as auctioneers or wholesalers at Garak Agricultural Market in southern Seoul, the largest agro-farm good marketplace in the country, worked together to levy unloading charges for fruits and vegetables of smaller wholesalers in violation of the law between 2002 and 2004.
Under revised rules that took effect in 2000, they were only allowed to collect preset commission fees from smaller players.