Seoul: The entire board of the Korea Flour Milling Industry Association resigned Thursday over an alleged price-fixing scandal involving major domestic producers, the association said. The association stated that a general meeting was convened, during which it was decided that the heads of all seven member companies would step down from the board to assume responsibility for the allegations.

According to Yonhap News Agency, the association issued a statement expressing regret, saying, "We deeply apologize for causing great disappointment and concern to the public." The association's members include prominent companies such as CJ Cheiljedang Corp., Daehan Flour Mills Co., and Sajo Dongaone Co.

The companies are under investigation by the Fair Trade Commission (FTC) for allegedly colluding to fix flour prices from November 2019 to October of last year. The FTC is currently assessing possible penalty measures against the companies involved.