Britain’s competition watchdog on Thursday fined 10 construction firms a total of nearly 60 million pounds ($74 million) for rigging bids for demolition and asbestos removal contracts for public and private sector projects.

The Competition and Markets Authority (CMA) started the large-scale investigation in 2019 and in June last year provisionally found that the 10 firms had colluded with each other on prices through illegal cartel agreements, rigging bids.

“The bids were rigged by one or more of the construction firms agreeing to submit bids that were deliberately priced to lose the tender,” the regulator said.

The CMA found the collusion took place over a period of five years and affected 19 contracts worth more than 150 million pounds for demolition work in London, the Southeast, and the Midlands.

This practice, known as “cover bidding”, can result in customers paying higher prices or receiving lower quality services, it added.

Construction firms Keltbray, Brown and Mason and Cantillon were among the few companies who admitted to their involvement in June, and were handed reduced fines by the regulator.

Keep reading on reuters.com