SEOUL– South Korea’s antitrust regulator said Sunday it has decided to impose a 1.2 billion-won (US$977 million) fine on the Korea Broiler Council, a group of chicken-processing firms, for fixing prices and supplies of the poultry.
The council set sales prices, production and supplies of chickens to benefit its member companies, including industry leader Harim Co. and its rival Maniker Co., between June 2008 and July 2017, according to the Fair Trade Commission (FTC).
The FTC has also decided to lodge a complaint with the prosecution against the association.
In March, the regulator decided to slap a combined 175.8 billion won in fines on 15 poultry-processing companies for colluding to fix prices, following its similar punitive action in 2021.
The FTC said it will take stern actions against any collusion and other unfair business activity over items closely related to people’s lives.
Source: Yonhap News Agency