Seoul: President Lee Jae Myung on Monday praised the prosecution for indicting 52 executives on charges of price fixing involving essential goods, such as flour, sugar, and electricity.

According to Yonhap News Agency, Lee shared a link to a news report on the social platform X, detailing the prosecution's indictment of milling companies, sugar producers, and bidders linked to the state-run Korea Electric Power Corp. The cases, which occurred between September and January, involve contracts worth about a combined 10 trillion won (US$6.8 billion).

"Prosecutors achieved significant results," Lee wrote on X, emphasizing that he has directed the prosecution to present the investigation findings at the upcoming Cabinet meeting. This statement represents a rare public endorsement from Lee, who has previously expressed criticism of the prosecution concerning past investigations involving him and other cases.

Lee also mentioned that he has instructed the government to explore measures to strengthen regulations against price fixing. These measures include increasing legal penalties, confiscating illicit profits, and restoring prices that had been unfairly raised.

Prosecutors initiated the price-fixing investigation following Lee's directive for the government to adopt a more proactive stance on rising prices of everyday goods during a Cabinet meeting in September last year.