The South Korean competition regulator has announced that it will issues fine of more than 200bn won ($173m) against 11 local liquor manufacturers, after finding them guilty of rigging product prices. The Fair Trade Commission said it has notified the companies, all of which produce soju (a popular local distilled beverage made from rice and other starches).

The regulator said it found that the soju makers colluded to raise their product prices, adding it has secured evidence to prove the claim. The FTC said market leader Jinro will face the largest fine (116.2bn won), followed by Doosan, Daesun and Kumbokju. It said that including the fines levied on other smaller companies, the fines could total 226.3bn won.

The exact amount of the fines will be determined next month after reviewing explanations from each company on the matter.

NamNews - Wednesday 18th November 2009

 

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