The Seoul Central District Prosecutors’ Office announced indictments of 52 people on Monday as part of a price-fixing investigation launched in September. The investigation included flour, sugar, and electricity prices.
Twenty indictments are on officials, such as chairs or presidents, of six flour mills that make up 75% of South Korea's flour market: Samyang Corporation, Sajo Dongaone, Daisun Flour Mills, Samhwa Flour Mills, Hantop and Daehan Flour Mills Corporation.
The individuals are suspected of manipulating the timing and extent of flour price fluctuations since 2020, making almost 6 trillion won, or 4 billion U.S. dollars, in illegal profit. Within the 6 year period of suspected price fixing, flour prices rose by up to 42.4%.
Three sugar manufacturers representing over 90% of the market are also suspected to have gained profits of about 3 trillion won through collusion and price fixing.
An additional 19 individuals were indicted on allegations that ten companies fixed bid prices during the Korea Electric Power Corporation’s bidding process to gain more than 160 billion won.