[THE INVESTOR] The Korea Fair Trade said on April 20 that it has imposed a combined 70.2 billion-won (US$61.40 million) fine on four local builders for rigging bids for a state railway project.

The four companies -- Hyundai Engineering & Construction, Hanjin Heavy Industries & Construction, Doosan Heavy Industries and KCC Engineering & Construction -- allegedly colluded to participate in the bidding process to build a 58-kilometer-long railroad arranged by the Korea Railway Network Authority in 2013.

The 937.6 billion-won scheme is aimed at establishing transportation infrastructure in the mountainous region of Gangwon Province in preparation for the 2018 PyeongChang Winter Olympics.

The FTC said the builders worked to manipulate their bidding prices to help each other win their respective sections of the project.

Hyundai Engineering was slapped with the largest fine of 21.7 billion won, with the three others ordered to pay fines of around 16.1 billion won each, according to the watchdog.

By Alex Lee and newswires (alexlee@heraldcorp.com)