SANTIAGO: Chilean prosecutors have accused six Chilean, South Korean and Japanese shipping companies of colluding to raise prices on transporting automobiles into the country.
Chile's National Economic Prosecutor (FNE) will wage fines of nearly $75 million for the price fixing, which affected a total of 18 customer accounts between 2000 and 2012.
The companies offered their services at a high price under unattractive terms or would refrain from bidding altogether, in a coordinated effort to avoid competition, FNE said Wednesday following an investigation.
The shippers included Chile's CSAV and CCNI, South Korean EUKOR Car Carriers and Japan's Kawasaki Kisen Kaisha, Mitsui O.S.K. Lines and Nippon Yusen Kabushiki Kaisha, or NYK Line.
CSAV, convicted of the same offense in the United States, revealed the companies' combined efforts in order to avoid the fine. Nippon Yusen is receiving a 50 percent break for its cooperation.
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