Seoul: The antitrust regulator announced on Friday that it has initiated a review of potential penalties for four companies accused of colluding to fix prices of sweeteners over a period exceeding seven years.

According to Yonhap News Agency, inspectors from the Fair Trade Commission (FTC) have completed a six-month investigation and concluded that the companies formed a cartel to manipulate prices of starch sugar products from May 2018 to October 2025. The companies involved in the alleged collusion are Daesang Corp., SajoCPK Ltd., Samyang Corp., and CJ Cheiljedang Corp.

The inspectors estimate that the companies' revenue impacted by these practices amounts to a combined 6.2 trillion won (US$4.2 billion). They have proposed that the FTC impose fines on the companies and issue corrective orders, which may include price adjustments. Under relevant laws, the FTC can levy fines up to 20 percent of the sales affected by such collusive activities.

The FTC has stated that it has begun a review of the investigation report to expedite a final decision on the case. The report has also been sent to the involved companies to allow them to exercise their defensive rights. The regulator emphasized its ongoing commitment to eliminating collusion in order to stabilize market prices and protect consumer interests.

In related developments, the FTC recently began reviewing possible penalties for seven flour producers implicated in a separate collusion case. Furthermore, in another case, the FTC imposed a collective fine of 408 billion won on three major sugar manufacturers for alleged price-fixing activities.