Korea's antitrust watchdog will soon complete its investigation of gas station price-fixing and collusion.
Major sugar refiners and flour millers in Korea have cut prices in quick succession this month. The timing underscores mounting political and legal pressure on an industry long accused of coordinated pricing.
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.
Three companies that dominated Korea’s sugar market were slapped with fines totaling more than 400 billion won ($277 million) for allegedly colluding on prices for about four years and reaping illicit gains.
The prosecution said Monday it has indicted 52 executives at a dozen companies since last September on charges of collusion in fixing flour and sugar prices, as well as for rigging bids for electrical components.
The antitrust regulator said Monday it has decided to fine 48 furniture manufacturers and suppliers for allegedly colluding in bids for built-in furniture ordered by construction firms.
Korea’s antitrust watchdog is investigating the country's four largest banks for potential collusion when extending loans.
If the money came from their own pockets, they wouldn’t spend it like this.
Despite the announcement, however, the incident exposed how the black society colluded with the local public security police.
Korea JoongAng Daily Sitemap
