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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] The Korea Flour Mills Association announced on March 5 that its entire board of directors will step down following an investigation by the Fair Trade Commission (FTC) into alleged price-fixing in the domestic flour industry.
In a statement, the association said it “deeply apologizes for causing significant disappointment and concern to the public” and acknowledged responsibility in connection with the price collusion case.
As part of the decision, Chairman Song In-seok, who is also CEO of Daehan Flour Mills, along with the vice chairman and all board members—composed of executives from major domestic flour companies—will immediately resign from their positions.
The association said the move reflects the industry’s recognition of responsibility following the FTC investigation and aims to apologize to the public for the controversy.
It also pledged to strengthen efforts to ensure food security and food safety in South Korea while promoting ethical management practices across the flour milling industry.
A representative from the association said, “We once again sincerely apologize to the public for the disappointment and concern caused by the price-fixing issue. Through the collective resignation of the board, we acknowledge our responsibility and will strive to restore public trust through responsible and transparent management.”
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
