Sugar products are displayed at a large discount store outlet in Seoul, Feb. 8. Yonhap
CJ Cheiljedang on Thursday outlined corrective measures after Korea's antitrust regulator imposed a hefty fine on the company for colluding with two smaller rivals to fix sugar prices.
The Fair Trade Commission (FTC) levied a combined 408.3 billion won ($284 million) in fines on CJ Cheiljedang, TS and Samyang for unfair trade practices involving sugar price collusion in business-to-business (B2B) transactions.
The three companies coordinated sugar prices on eight occasions between February 2021 and April 2025. CJ Cheiljedang faces the biggest fine of 150.6 billion won, according to the FTC.
In a press release, CJ Cheiljedang apologized for its involvement and announced measures to prevent a recurrence.
"We have decided to withdraw from the Korea Sugar Association, which was cited as a channel of contact among sugar companies," the company said. "In principle, all executives will be banned from contacting other sugar producers. A one-strike-out policy will apply in case of violations."
To enhance transparency, the company said it will introduce a "selling price determination system," under which sugar prices will be set based on raw material costs and exchange rate fluctuations without consultation with competitors.
Source: Korea Times News
