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Photo: Prosecution Service of the Republic of Korea |
[Alpha Biz= Paul Lee] South Korean prosecutors have moved to secure the detention of senior executives at major flour milling companies accused of colluding to fix flour prices.
The Fair Trade Investigation Division of the Seoul Central District Prosecutors’ Office has requested arrest warrants for four current and former executives, including the CEOs of Daehan Flour Mills and Sajo DongA One, on charges of violating the Fair Trade Act.
According to prosecutors, the executives allegedly coordinated in advance over several years to raise flour prices and adjust shipment volumes as part of a price-fixing scheme.
Last month, prosecutors conducted search and seizure operations at the offices of five flour milling companies, including Daehan Flour Mills, CJ CheilJedang, and Sajo DongA One, as part of the ongoing investigation.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
