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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] SEOUL, November 19 — Korean prosecutors have secured arrest warrants for the CEO of Samyang Corp. and a former executive of CJ CheilJedang on charges of colluding to fix sugar prices.
The Seoul Central District Court issued warrants for Mr. Kim, former head of CJ CheilJedang’s Food Division (Korea), and Mr. Choi, CEO of Samyang Corp., citing concerns over potential evidence destruction. However, the court dismissed a warrant for Mr. Lee, a Samyang vice president, noting the need to protect his right to defense given his level of involvement.
The Seoul Central District Prosecutors’ Office is investigating allegations that three major players controlling over 90% of Korea’s sugar market—CJ CheilJedang, Samyang Corp., and Daehan Sugar—engaged in years-long coordinated price manipulation. The suspected collusion is estimated to involve several trillion won.
Prosecutors launched a compulsory investigation in September without a prior referral from the Korea Fair Trade Commission, seizing relevant documents and seeking to establish evidence of the alleged cartel.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
