South Korea's antitrust regulator announced on Thursday that it has imposed a total fine of 408.3 billion won (approximately $283.9 million) on the country's three major sugar producers for colluding to fix sugar prices.

The Fair Trade Commission (FTC) stated that CJ CheilJedang, Samyang Foods, and Daehan Flour Mills were found to have manipulated sugar prices on eight separate occasions between February 2021 and April 2025.

During this period, the companies collectively generated sales totaling 32.9 trillion won through their collusive activities.

This fine marks the second-largest penalty ever issued in a single price-fixing case in South Korea's history and is the highest individual fine ever imposed on companies in such a case.

FTC Chairman Ju Biung-ghi commented, "The sugar industry has high barriers to entry. Refiners exploited these barriers to engage in collusion, securing stable and growing profits."

According to the regulator's data, as of 2024, these three companies collectively held approximately 89% of the market share.

The regulatory agency noted that the companies coordinated the timing and extent of price increases to swiftly reflect rising raw material costs whenever international sugar prices climbed.

They also jointly pressured food and beverage companies that resisted proposed price hikes. When global raw sugar prices declined, the firms agreed to delay price reductions or implement smaller cuts than the decrease in raw material costs would justify.

The Korea Fair Trade Commission pointed out that this was not the first time these sugar refiners had been fined for price-fixing collusion, as they had engaged in similar price manipulation activities back in 2007.