Samyang Corporation on the 12th expressed an apology over the sugar price-fixing issue and announced measures to prevent a recurrence.
Samyang Corporation said in a statement that it "humbly accepts the Korea Fair Trade Commission's investigation findings on (sugar price-fixing). We take seriously that there were shortcomings in some corporations' business-to-business (B2B) sales practices and our internal control system."
Samyang Corporation revised its ethical management principles and practice guidelines to clarify the obligation to comply with the Fair Trade Act, banning price and volume consultations and adding a provision requiring immediate reporting when collusion is proposed. It will conduct a full review of sales practices and transaction processes across all institutional sectors to identify any parts that may violate laws and promptly correct them.
It also decided to systematically establish and continuously operate the fair trade compliance program (CP) recommended by the Korea Fair Trade Commission (FTC), and to introduce a strengthened system for anonymous reporting and monitoring. In particular, it will overhaul the employee training framework to conduct companywide special compliance training to prevent collusion and operate training programs on a regular basis.
A Samyang Corporation official said, "We will strictly comply with laws related to fair trade and do our best to establish market order and restore trust among stakeholders."
Earlier that morning, the Korea Fair Trade Commission (FTC) said it imposed corrective orders—including orders to cease legal violations and to report the status of price changes—along with a total penalty surcharge of 408.3 billion won on sugar manufacturers and sellers including CJ CheilJedang, Samyang Corporation, and TS Corporation. The three sugar companies were said to have agreed a total of eight times between Feb. 2021 and Apr. 2025 on the extent and timing of changes to sugar sales prices.