Seoul: The antitrust regulator announced Thursday the imposition of a total fine of 3.15 billion won (US$2.13 million) on nine pork processors involved in price-fixing activities. The companies were found to have colluded on bid and quotation prices while supplying pork products to E-Mart Inc., a prominent discount retailer in the country, as stated by the Korea Fair Trade Commission (FTC).

According to Yonhap News Agency, the FTC not only levied fines but also issued corrective orders. Additionally, six of the companies have been referred to prosecutors for further investigation. This action aligns with the government's increasing efforts to address collusion and unfair practices within essential food markets, especially during a period of rising prices.

President Lee Jae Myung has emphasized the need for stricter penalties to deter secret agreements among industry competitors that can lead to distorted commodity prices.