The Fair Trade Commission has imposed a fine of over 3.1 billion won on nine companies involved in colluding on pork prices supplied to E-Mart and has reported six of them to the prosecution.
The Fair Trade Commission (FTC) of South Korea has cracked down on nine pork processing and sales companies for colluding on prices for pork supplied to the retail giant E-Mart. The commission has imposed a fine of approximately 3.165 billion won (about $2.66 million) and reported six companies to prosecutors for engaging in bid-rigging. Among the companies involved, those such as Seonjin, Farmstory, and Haedrim LLC faced penalties, while Daesung Business, Daejeon Chungnam Pork Industry Cooperative, Pukyung Pork Cooperative, CJ Feed & Care, Dodram Food, and Bodam faced both penalties and legal reporting. The collusion affected numerous bids for E-Mart’s pork product sales from November 3, 2021, to February 3, 2022.
