South Korea's Trade Watchdog Begins Review of Alleged Starch-Sugar Cartel

MT Newswires Live

Jul 08

South Korea's Fair Trade Commission (FTC) began reviewing allegations that Daesang (KRX:001680), Sajo Industries (KRX:007160) subsidiary Sajo CPK, Samyang Corp. (KRX:145990), and CJ CheilJedang (KRX:097950) colluded in bid-rigging and price-fixing in the starch-sugar market.

The alleged bid-rigging for starch and starch-based sweetener tenders affected 9.4 billion won in sales between September 2016 and June 2025, the trade watchdog said in a Tuesday release.

It also accused Daesang, Sajo CPK, and Samyang of fixing prices for starch and starch-sugar by-products from August 2017 to October 2025, which affected sales of about 1.55 trillion won, it said.

The FTC imposed a fine of 234.1 billion won on Daesang and 210.3 billion won on Samyang Corp.

Shares of the food companies Daesang and Samyang fell 2%, while shares of the food manufacturer CJ Cheiljedang declined nearly 2% in recent trade.

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(KRX:145990), and CJ CheilJedang (KRX:097950) colluded in bid-rigging and price-fixing in the starch-sugar market.The alleged bid-rigging for starch and starch-based sweetener tenders affected 9.4 billion won in sales between September 2016 and June 2025, the trade watchdog said in a Tuesday release.It also accused Daesang, Sajo CPK, and Samyang of fixing prices for starch and starch-sugar by-products from August 2017 to October 2025, which affected sales of about 1.55 trillion won, it said.The FTC imposed a fine of 234.1 billion won on Daesang and 210.3 billion won on Samyang Corp.Shares of the food companies Daesang and Samyang fell 2%, while shares of the food manufacturer CJ Cheiljedang declined nearly 2% in recent trade.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}