Businesses caught colluding to fix prices and charges will face fines of up to 10 billion won ($6.97 million), more than double the current 4 billion won, under the government’s tightened rules against unfair business practices announced Tuesday. Under the new rules, fines of up to 5 billion won, 10 times the current level, will also be imposed on contractors that abuse their superior bargaining position to interfere in subcontractor operations. The rules were set during a policy meeting between the government and the ruling Democratic Party of Korea, Tuesday, in the second round of plans to reform economic criminal penalties and make them fairer and more effective. The new measures follow a first round held in September, and were designed to address President Lee Jae Myung’s concerns that wealthy and powerful businesses face little pressure from current fines for breaching fair trade practices. During briefings from ministries and other government organizations earlier this month, Lee said these companies should face penalties so severe as to make it feel as if they could go bankrup