The first trial has begun for CJ CheilJedang, Samyang Corporation, and others on charges of colluding to fix sugar prices. CJ CheilJedang and Samyang Corporation admitted the charges at the first hearing.
The Seoul Central District Court Criminal Division 5 single-judge panel (Presiding Judge Ryu Ji-mi) held the first hearing on the 13th for CJ CheilJedang, Samyang Corporation, and 11 former and current executives and employees of each company, who were indicted on charges of violating the Monopoly Regulation and Fair Trade Act.
Representatives of CJ CheilJedang and Samyang Corporation said that they "acknowledge the charges and are reflecting on them." However, they said that for some defendants, certain factual aspects differ and they deny those parts.
The court decided to separate the proceedings for each company to carry out the evidence admission procedure. The evidence admission procedure confirms whether the defendants or the prosecution will accept or dispute the evidence submitted at trial, and sets the scope of admissibility and review.
The next court hearing for CJ CheilJedang was set for Feb. 12.
CJ CheilJedang and Samyang Corporation are accused of agreeing on the timing and range of sugar price changes from Feb. 2021 to Apr. last year, engaging in collusion worth 3.2715 trillion won. Prosecutors believe their collusion drove sugar prices up by as much as 66.7% compared with before the collusion. It was also found that when the price of raw sugar, the material, rose, they raised sugar prices quickly, and when raw sugar prices fell, they under-reflected price cuts.
In Nov. last year, prosecutors indicted and detained two former executives of CJ CheilJedang and Samyang Corporation, while indicting the others without detention. TS Corporation and its executives and employees, who had been suspected of participating in the collusion, were excluded from this action.