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South Korean paper companies fined for colluding to increase newsprint prices

( November 21, 2024, 03:02 GMT | Official Statement) -- MLex Summary: Three South Korean paper companies — Jeonju Paper, Daehan Paper and Paper Corea — have been fined a total of 30.5 billion won ($21 million) by the Korea Fair Trade Commission for colluding to raise newsprint paper prices. From 2021 to 2023, the companies agreed to raise the price of newsprint by 60,000 won ($42) twice and restricted supply to newspaper companies that refused to comply with the price hikes. The collusion led to a 16 percent increase from the original price. The KFTC also decided to refer Jeonju Paper, which received the largest fine of 14.8 billion won, to the prosecution service for criminal investigation. The statement, in Korean, is attached....

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