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Photo courtesy of Yonhap News |
[Alpha Biz= Ellie Kim] South Korea’s Fair Trade Commission (FTC) has imposed a record KRW 338.3 billion fine on six paper manufacturers for collusion, while issuing a rare order to reset prices.
The companies—Moorim SP, Moorim Paper, Moorim P&P, Hankuk Paper, Hansol Paper, and Hongwon Paper—were found to have raised printing paper prices by more than 70% over nearly four years.
According to the FTC on April 23, the firms held over 60 meetings between February 2021 and December 2024, agreeing to raise benchmark prices or reduce discounts in at least seven coordinated moves. The companies reportedly used public phones and other methods to avoid leaving evidence of collusion.
The six firms account for about 95% of the domestic printing paper market, with prices rising an average of 71% during the collusion period.
In addition to fines, the FTC issued a “price redetermination order,” requiring the companies to independently reset prices to restore competition and report changes every six months for three years. It marks the first such order in nearly two decades.
The FTC also announced stricter measures to deter repeat offenses, including doubling fines for repeat collusion within 10 years and introducing potential business suspension or license revocation, as well as considering measures to hold responsible executives accountable.
Alphabiz Ellie Kim 인턴기자(press@alphabiz.co.kr)
