South Korea's Fair Trade Commission will impose a record 747.6 billion won fine on Daesang Corp., Sajo CPK Ltd., Samyang Corp., and CJ CheilJedang Corp. for colluding to fix prices of starch and starch sugars from May 2018 to October 2025.
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South Korea fines 4 starch makers $489M for price rigging
IN SHORT
South Korea's Fair Trade Commission will impose a record 747.6 billion won fine on Daesang Corp., Sajo CPK Ltd., Samyang Corp., and CJ CheilJedang Corp. for colluding to fix prices of starch and starch sugars from May 2018 to October 2025.
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Frequently asked questions
The Fair Trade Commission is imposing a fine of 747.6 billion won, equivalent to approximately $488.7 million USD.
The companies involved are Daesang Corp., Sajo CPK Ltd., Samyang Corp., and CJ CheilJedang Corp.
The price rigging involved starch and starch sugar products, which are used in food production and various manufacturing sectors.
The collusion to fix prices occurred over a period of more than seven years, from May 2018 to October 2025.
What Happens Next
01Companies must reset prices to pre-collusion levels.
02Companies must report price changes every six months for three years.