South Korean food companies fined 2.2 trillion won for price collusion

Food companies in South Korea have been fined approximately 2.2 trillion won for colluding on the prices of essential raw materials, including sugar, flour, and starch, over the last decade. Data from the Fair Trade Commission reveals that 61 companies were sanctioned between 2017 and September of this year.

Notably, 83% of the total fines were imposed this year alone, driven by recent collusion cases involving sugar, flour, and starch producers. Samyang Corp received the highest fine at approximately 435.4 billion won, followed by CJ CheilJedang with 373 billion won and Sajo CPK with 201.3 billion won.

While significant fines have been levied, reports indicate that approximately 600.9 billion won were waived through leniency programs, and over 1.3 trillion won remains uncollected due to pending payment deadlines or stays of execution during administrative litigation.