7 flour makers fined $444 mil. for price-fixing scheme
4 Articles
4 Articles
Interest in the food industry is growing as the Fair Trade Commission has imposed the largest-ever fine on the flour milling industry for price-fixing and even issued an order to readjust prices. This follows the earlier reductions in flour and sugar prices, in line with the government's stance on price stability.
The Fair Trade Commission (FTC) has imposed a record-breaking fine of 671 billion won on flour price-fixing, apologizing for causing concern to the industry and vowing to strengthen compliance systems to prevent recurrence. On the 20th, the FTC uncovered collusion among seven flour manufacturers and sellers and imposed the largest fine in history. In response, the milling industry apologized, stating they would strive to prevent a recurrence.
[Digital Daily Reporter Yoo Chae-ri] The Fair Trade Commission announced on the 20th that it has issued corrective orders and imposed a total fine of 671.045 billion won on seven flour milling companies, including CJ CheilJedang, Daehan Flour Mills, Sajo Dongwon, Samyang Corporation, Daesun Flour Mills, Hantop, and Samhwa Flour Mills. These companies are accused of pre-agreeing on the prices and volumes of flour supplied to noodle and confectio…
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