Food company Daesang announced in a regulatory filing on the 7th that it has been fined 234.141 billion won by the Korea Fair Trade Commission (KFTC) on charges of colluding on the sales prices of starch and starch sugar.

21% of Equity Capital... Meets Large Corporation Disclosure Requirements

According to the electronic disclosure system, Daesang disclosed through a filing on penalty impositions that day that it had received a surcharge notice as a sanction for price-fixing among starch and starch sugar manufacturers. The amount accounts for 21.34% of the company's equity capital of 1.0969 trillion won on a consolidated balance sheet basis as of the end of December last year, meeting the threshold for large corporation disclosure.

Price Coordination 13 Times Over 7 Years and 5 Months

According to the KFTC's explanation, it was confirmed that the collusion spanned approximately 7 years and 5 months from May 2018 to October 2025, during which the companies pre-coordinated and implemented the magnitude and timing of sales price increases and decreases on 13 occasions. The surcharge was calculated by applying a 15% imposition rate to the relevant sales revenue of 6.0525 trillion won.

Aggravated Penalty Due to Past Violation History... Largest for Similar Cases

Daesang had a prior history of similar legal violations, resulting in an additional 10% aggravation penalty unlike three other companies, making it liable for the highest amount among the involved companies. This surcharge is known to be the largest ever imposed in a collusion case handled by the KFTC.

"Will Respond in Accordance with Legal Procedures After Receiving Resolution Document"

Daesang stated that it would respond in accordance with relevant laws and procedures after receiving the KFTC's final resolution document. It also added that this disclosure is based on the KFTC's press release, and that the imposed amount or payment deadline may change during the process of finalizing the official resolution document, in which case it plans to issue a correction disclosure.

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