9 duck meat-processing firms, association fined for price fixing
An official of the Fair Trade Commission (FTC) Cartel Investigation Division speaks during a press briefing at the Government Complex in Sejong, June 3. Yonhap
Korea's antitrust regulator said Monday it was imposing a combined fine of 6.24 billion won ($5.03 million) on nine duck meat-processing firms and their association for fixing prices and the supply of poultry.
The Fair Trade Commission (FTC) said Charmfre and eight other companies colluded to fix prices and the supply of fresh ducks on 17 occasions between April 2012 and August 2017.
The regulator also said the Korea Duck Association, a trade association of duck-processing companies, decided to cut poultry production between April 2012 and November 2016 in a bid to affect the supply of the poultry.
The FTC's fine of 6.01 billion won on the nine firms, included Dasol subject to the largest amount of 1.99 billion won; and the association which was fined 224 million won.
The regulator has taken punitive actions against similar price collusion by chicken-processing companies in recent years. In March, it slapped a combined 175.8 billion won in fines on 15 chicken companies for price fixing. (Yonhap)