Special achievement bonus presentation. From left: official Jeong Mun-hong, FTC Chairman Joo Byeong-gi, and senior official Woo Byeong-hoon. (Fair Trade Commission)
South Korea’s Fair Trade Commission said April 26 it will pay a combined 15 million won ($) in special achievement bonuses to two staff members credited with uncovering illegal collusion by three sugar manufacturers and sellers.
The FTC said it held its first special achievement awards ceremony on April 22. The bonus program was introduced this year following a presidential directive to provide exceptional rewards to public officials who deliver outstanding results.
The FTC said it will award 10 million won to Jeong Mun-hong, an official, and 5 million won to Woo Byeong-hoon, a senior official. The agency said the two, while investigating suspected collusion in the sugar sector, secured a decisive confession from an employee of a cartel participant.
The confession and subsequent evidence led the sugar companies to voluntarily report, allowing the investigation to be wrapped up quickly, the FTC said. In March, the FTC imposed 396 billion won in fines on the three sugar companies. The agency also said the probe produced key leads that could help uncover cartel cases in major food raw materials such as corn syrup and flour.
The FTC said the confession and evidence it obtained were later used as core materials in prosecutors’ investigations, and were cited as showing how early FTC fact-finding and securing admissions can be pivotal in bringing criminal penalties in cartel cases.
The FTC said it highly valued the officials’ persistent tracking of covert collusion in the food sector and their role in driving down prices. It said sugar prices at the three companies fell 16.5% from the collusive level after the cartel was uncovered.
Other award recipients included: four officials, including Min Ji-hyeon, for strengthening economic penalties for unfair practices (6.5 million won); five officials, including manager Eum Jan-di, for a tough response to omissions involving DB, Youngwon and HDC affiliates (6 million won); and three officials, including manager Jang Ju-yeon, for operating a monitoring team on unfair trade in items closely tied to daily life (4.5 million won).
FTC Chairman Joo Byeong-gi said the sugar cartel case reflected investigators’ ability to read competitive conditions and their determination to uncover the truth. He said the key was persuading a participant in a “giant cartel” to voluntarily report after 12 months of persistent investigative work.
The FTC said it held its first special achievement awards ceremony on April 22. The bonus program was introduced this year following a presidential directive to provide exceptional rewards to public officials who deliver outstanding results.
The FTC said it will award 10 million won to Jeong Mun-hong, an official, and 5 million won to Woo Byeong-hoon, a senior official. The agency said the two, while investigating suspected collusion in the sugar sector, secured a decisive confession from an employee of a cartel participant.
The confession and subsequent evidence led the sugar companies to voluntarily report, allowing the investigation to be wrapped up quickly, the FTC said. In March, the FTC imposed 396 billion won in fines on the three sugar companies. The agency also said the probe produced key leads that could help uncover cartel cases in major food raw materials such as corn syrup and flour.
The FTC said the confession and evidence it obtained were later used as core materials in prosecutors’ investigations, and were cited as showing how early FTC fact-finding and securing admissions can be pivotal in bringing criminal penalties in cartel cases.
The FTC said it highly valued the officials’ persistent tracking of covert collusion in the food sector and their role in driving down prices. It said sugar prices at the three companies fell 16.5% from the collusive level after the cartel was uncovered.
Other award recipients included: four officials, including Min Ji-hyeon, for strengthening economic penalties for unfair practices (6.5 million won); five officials, including manager Eum Jan-di, for a tough response to omissions involving DB, Youngwon and HDC affiliates (6 million won); and three officials, including manager Jang Ju-yeon, for operating a monitoring team on unfair trade in items closely tied to daily life (4.5 million won).
FTC Chairman Joo Byeong-gi said the sugar cartel case reflected investigators’ ability to read competitive conditions and their determination to uncover the truth. He said the key was persuading a participant in a “giant cartel” to voluntarily report after 12 months of persistent investigative work.
* This article has been translated by AI.
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