CJ CheilJedang, Samyang Corporation, and Daehan Sugar
Investigation into Fair Trade Act Violations Completed
Review Report to Be Sent Tomorrow
The Fair Trade Commission is initiating sanctions procedures against three sugar refining companies accused of price-fixing.
According to industry sources on October 30, the Fair Trade Commission has completed its investigation into alleged violations of the Fair Trade Act by CJ CheilJedang, Samyang Corporation, and Daehan Sugar. The commission is expected to send a review report, which serves as the equivalent of an indictment, containing its sanction opinion on October 31.
These companies are suspected of colluding to fix sugar prices over the past several years. The total scale of the collusion is reported to be in the trillions of won. Previously, on September 30, Fair Trade Commission Chairman Joo Byungki indicated at a Cabinet meeting that the investigation into the three companies would be completed within this month and that sanction procedures would be pursued.
The prosecution has recently exercised its right to request a complaint to the Fair Trade Commission and has begun a full-scale investigation, including conducting searches and seizures. On October 27, arrest warrants were requested for Mr. Park, a division head at CJ CheilJedang, Mr. Song, a department head, as well as Mr. Lee, an executive at Samyang Corporation, and Mr. Jeon, another executive at the same company.
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