Watchdog slaps soju makers with 200 bln won fine for price rigging

SEOUL, Nov. 18 (Yonhap) -- South Korea's antitrust watchdog said Wednesday it
will fine 11 local liquor manufacturers more than 200 billion won (US$173.3
million) for rigging product prices.
Jinro and the other makers of soju, a popular Korean distilled beverage made from
rice and other starches, have been notified of the punitive step, the Fair Trade
Commission (FTC) said.
The FTC will fine Jinro the largest amount at 116.2 billion won, followed by
Doosan, Daesun and Kumbokju -- slapped with 24.6 billion won, 20.6 billion won
and 17.2 billion won, respectively. Including those levied on other smaller
companies, the fines could total 226.3 billion won, according to the watchdog.
The FTC says that those soju makers colluded to raise their product prices,
adding it has secured evidence to prove the claim. The companies deny the claim.
The exact amount of the fines will be determined next month after reviewing
explanations from each company on the matter, the watchdog said.
kokobj@yna.co.kr
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