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CJ CheilJedang apologizes again over price-fixing allegations

Published: 24 Mar. 2026, 17:53

This photo provided by CJ Cheiljedang shows a general shareholders meeting in Seoul on March 24. [YONHAP]

CJ Cheiljedang, a major Korean food company, apologized again on Tuesday over price-fixing allegations involving sugar.

"We deeply apologize for causing concern," the company said in a statement issued under the name of CEO Sohn Kyung-shik during a general shareholder meeting. "We will completely eradicate past improper practices and rebuild the company's systems and culture from the ground up, along with strict measures to prevent a recurrence."

The apology came after the Fair Trade Commission (FTC) had levied a combined 408.3 billion won ($284 million) in fines on CJ CheilJedang and other local sugar manufacturers last month for unfair trade practices involving sugar price collusion in business-to-business transactions.

The company is also under a separate FTC probe for suspected collusion in flour pricing.

CJ CheilJedang had earlier apologized over the allegations and cut prices of sugar and flour products.

During the annual general shareholder meeting, meanwhile, the company unveiled plans to become a top-tier global food company by accelerating growth in strategic products, such as Korean food, which is gaining popularity worldwide.

As part of its future strategy, the company also plans to expand into high-value health care sectors to capitalize on aging demographics and wellness trends.

CJ CheilJedang reported a net loss of 416.9 billion won last year on rising costs and a global economic slowdown. Its operating profit decreased 20.6 percent to 1.23 trillion won, and sales fell 6.9 percent to 27.3 trillion won.

Yonhap