Binggrae Co., which was dropped at trial on fees of colluding with ice cream firms on ice cream costs, had its advantageous confirmed by the Supreme Court docket.
In accordance with the authorized neighborhood on Nov. 4, the Supreme Court docket’s First Division rejected the enchantment final month in opposition to Binggrae Co., Ltd., which was indicted on fees of violating the Monopoly Regulation and Honest Commerce Act, confirming the decrease courtroom’s ruling that sentenced the corporate to a advantageous of 200 million received.
Binggrae was dropped at trial on fees of colluding with competing firms together with Lotte Confectionery, Lotte Meals, and Haitai Confectionery on ice cream costs from February 2016 to September 2019. They had been confirmed to have agreed upfront on the profitable order and designated events within the ice cream provide bidding course of for Hyundai Motor Co. They had been additionally charged with limiting promotional gadgets and margin charges for comfort shops, dividing retail retailer shoppers, and predetermining gross sales and provide worth will increase.
The primary trial sentenced Binggrae Co. to a advantageous of 200 million received. The courtroom acknowledged that the collusion continued for greater than three years and that they agreed on and applied worth will increase and promotional restrictions. The second trial courtroom additionally sentenced the corporate to a advantageous of 200 million received, the identical as the unique trial, stating that “it seems to be primarily based on decision-making based on agreements.” The Supreme Court docket additionally accepted the decrease courtroom’s judgment and rejected the enchantment.
In the meantime, executives from Binggrae, Lotte Meals, Lotte Confectionery, and Haitai Confectionery, who had been dropped at trial alongside Binggrae Co., additionally had their suspended jail sentences confirmed. Binggrae and Lotte Meals executives every acquired one yr in jail with a two-year suspension, whereas Lotte Confectionery and Haitai Confectionery executives every acquired six months in jail with a one-year suspension. Their sentences had been confirmed as they didn’t enchantment after the appellate trial.
