Home > National > Politics

Lee vows to 'root out' business collusion on prices, competition

Published: 19 Feb. 2026, 16:46

President Lee Jae Myung speaks during a senior secretaries' meeting at the Blue House in central Seoul on Feb. 19. [JOINT PRESS CORPS]

President Lee Jae Myung on Thursday vowed strong action against companies that collude to raise prices or limit competition in the market, warning that the government will "root out" such practices.

"Collusion blocks fair competition and undermines trust in the market," Lee said during a senior secretaries' meeting at the Blue House in central Seoul. "It is a malignant presence in the national economy. The government must respond strongly and swiftly at the pan-government level to forces that disrupt the market."

Lee said antimarket collusion has spread widely across multiple industries.

"Antimarket collusion has taken root across industries, including sugar, flour, meat, school uniforms and real estate," Lee said. "We must root out these harmful practices if we want the economy to grow stronger and more competitive."

Lee stressed that penalties must exceed the profit gained from collusion.

"Sanctions must far exceed the profits gained through collusion," he said. "Rather than relying on formal punishments such as criminal penalties, we should impose substantive economic sanctions such as stripping gains or increasing financial burdens."

He also argued that simple punishment alone may not deter companies.

"Collusion ultimately aims to generate profit, but relying solely on punishment may have a limited effect," Lee said. "If we rely too heavily on criminal punishment, the system could end up prioritizing penalties over real solutions.

"If antimarket behavior continues, we must actively consider measures to permanently expel offenders from the market."

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY JEONG JAE-HONG [[email protected]]