Fair Trade Commission Chairman Ju Biung-ghi, right, speaks at a meeting of ministers on managing market prices held at the government complex in Seoul, Thursday. Yonhap
The head of the antitrust watchdog said Thursday the agency has decided to impose a combined fine of 338.3 billion won ($228.8 million) on six paper manufacturers for price fixing.
Fair Trade Commission (FTC) Chairman Ju Biung-ghi reported the decision to a meeting of ministers related to managing market prices affecting people's livelihoods, noting that the watchdog will also order the companies to reset their prices independently and refer them to the prosecution.
Hansol Paper and five other companies were found to have colluded to fix prices of printing paper used in the education and publishing sectors for nearly four years.
The decision comes as the government intensifies its efforts to crack down on collusion and unfair practices in markets for essential items.
During Thursday's meeting, the FTC said it will push for stronger punitive measures against companies that get involved in collusion cases repeatedly.
Source: Korea Times News
