Antitrust regulator fines pork processors $2.13 mil. for price-fixing
Meat products are displayed at a supermarket in Seoul, Thursday. Yonhap
The antitrust regulator said Thursday it has imposed a combined fine of 3.15 billion won ($2.13 million) on nine pork processors for price-fixing.
The companies colluded on bid and quotation prices while supplying pork products to the country's major discount retailer E-Mart, according to the Korea Fair Trade Commission (FTC).
Along with the fines, the FTC issued corrective orders and referred six of the companies for further investigation by prosecutors, the watchdog said.
The decision comes as the government intensifies efforts to crack down on collusion and unfair practices in essential food markets amid rising prices.
President Lee Jae Myung has called for tougher penalties against secret agreements among industry rivals that distort commodity prices.