The Korea Fair Trade Commission (KFTC) has initiated a review regarding allegations of collusion by four companies in the starch syrup market, potentially resulting in sanctions including price re-evaluation and criminal charges.
The Korea Fair Trade Commission (KFTC) has begun deliberations on allegations of price collusion involving four major starch syrup manufacturers, totaling 6.2 trillion won (approximately $5.2 billion). The KFTC's investigation, which commenced on May 4, 2023, follows reports of these companies colluding to manipulate the selling prices of starch syrup, significantly impacting relevant sales revenues. The four firms under scrutiny are CJ CheilJedang, Daesang, Sajo CP, and Samyang. The KFTC has sent a report detailing their findings to the involved companies, which outlines the potential penalties and outlines the next steps for enforcement.
