▲ This photo, provided by Yonhap News TV, shows the Korea Fair Trade Commission in the central administrative city of Sejong. (PHOTO NOT FOR SALE) (Yonhap)

regulator-price fixing

9 duck meat-processing firms, association fined for price fixing

SEOUL, June 6 (Yonhap) -- South Korea's antitrust regulator said Monday it has decided to impose a combined fine of 6.24 billion won (US$5.03 million) on nine duck meat-processing firms and their association for fixing prices and the supply of poultry.

The Fair Trade Commission (FTC) said Charmfre Co. and eight other companies colluded to fix prices and supply of fresh duck on 17 occasions between April 2012 and August 2017.

The regulator also said the Korea Duck Association, a trade association of duck-processing companies, decided to cut poultry production between April 2012 and November 2016 in a bid to affect supply of the poultry.

The FTC has decided to slap a fine of 6.01 billion won on the nine firms, including Dasol with the largest amount of 1.99 billion won. The association will also be fined 224 million won.

The regulator has taken punitive actions against similar price collusion by chicken-processing companies in recent years. In March, it slapped a combined 175.8 billion won in fines on 15 chicken companies for price fixing.

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