Cartel conduct is criminalised by The Monopoly Regulation and Fair Trade Act.

The offence

Article 19 of the Monopoly Regulation and Fair Trade Act prohibits any agreement between or among competitors that unreasonably restrains competition, including:

• price fixing;
• bid rigging; and
• allocation of volume, markets or customers.

A criminal prosecution will be brought if the violations are so objectively obvious and serious as to greatly restrain competition.

Sanctions

Individuals

Maximum fine of 200 million Korean won and three years’ imprisonment.

Corporations

Maximum fine of 200 million Korean won.