July 21, 2006

South Korean chicken processors fined for price collusion

South Korea's corporate watchdog said Thursday (Jul 20) it has slapped a total of 2.7 billion won (US$2.83 million) in fines on Halim Co. and three other chicken processors for price-fixing practices.

According to the Fair Trade Commission (FTC), the four companies colluded to fix prices for processed chickens.

Halim, the country's leading chicken processor, was fined 1.24 billion won (US$1.3 million), and Maniker Co., 557 million won (US$584,000), according to the FTC.