Seoul: The prosecution announced Monday that 52 executives from a dozen companies have been indicted since last September for colluding to fix prices of flour and sugar, as well as rigging bids for electrical components.

According to Yonhap News Agency, the Seoul Central District Prosecutors Office revealed that the indicted executives are accused of orchestrating nearly 10 trillion won (US$6.84 billion) worth of price-fixing and bid-rigging activities. These activities have impacted the prices of essential commodities such as flour, sugar, and electricity, which are crucial to everyday life.

In the flour sector, 20 executives from six oligopolistic producers, including Daehan Flour Mills, Sajo Donga One, Samyang Corp., Daesun Flour Mills, Samhwa Flour Mills, and Hantop Inc., were referred to trials without detention. They allegedly disrupted market order by agreeing on the scope and timing of flour price fluctuations from January 2020 to October 2025. The prosecution estimates the value of their price-fixing efforts at 5.99 trillion won, with flour prices rising by up to 42.4 percent during the six-year period.

In the sugar market, CJ CheilJedang and Samyang Corp. were found to have colluded to fix their price change scope and timing between February 2021 and April last year. The prosecution estimates the value of their price-fixing activities at 3.27 trillion won, resulting in sugar prices increasing by up to 66.7 percent during that period. Two sugar company executives were indicted after being arrested, while nine others were referred to trials without detention.

In the electricity sector, 10 companies, including Hyosung Heavy Industries, HD Hyundai Electric, and LS Electric, were caught rigging bids worth 677 billion won for the state power utility Korea Electric Power Corp. from March 2015 to September 2022. Four executives were referred to trials after being arrested, with 15 others indicted without detention, according to the prosecution.