South Korea Fines Four Starch Makers $5.8 Billion for Seven-Year Price Collusion on July 8

According to South Korea's Fair Trade Commission decision on July 8, the regulator fined four starch and starch sugar manufacturers—including Daesang and CJ CheilJedang—774.76 billion Korean won (approximately $5.8 billion USD) for a price-fixing cartel spanning seven years and five months, marking the largest antitrust penalty on record in the nation. The fine exceeded the previous record of 671 billion won in the 2023 flour collusion case.

Meanwhile, several food companies that purchased raw materials from the cartel members are internally reviewing civil damage lawsuits against the manufacturers. However, legal experts note that establishing actual damages and causality between the collusion and price increases will prove challenging, with some predicting litigation could extend at least five years.