Korean cheese price scamThis article was originally published in Foodnews
KOREA's anti-trust body, the Fair Trade Commission (FTC), has fined four dairy companies a combined KRW10.6 billion (USD9.8 million) for fixing cheese prices. The move is part of a government crackdown on price fixing and other unwarranted price hikes as it tries to fight rising inflation driven by high food costs. The FTC accused Seoul Milk, Maeil Dairies, Namyang Dairy Products and Dongwon Dairy Foods of holding a secret meeting in which they colluded to fix prices of cheese products used in pizza restaurants from 2007-08. The four companies held another covert meeting in 2007 in which they agreed to hike prices of household cheese products the following year, the FTC said. The four companies between them account for 95% of South Korea's cheese market.