Arrest warrants sought for 8 petrochemical executives over alleged price fixing
SEOUL, Sept. 14 (Yonhap) -- Prosecutors on Monday requested arrest warrants for ...
Prosecutors in South Korea have requested arrest warrants for eight executives from domestic petrochemical companies, including OCI CEO Kim Yoo-shin and former PKC CEO Jang Young-soo, for suspected price fixing involving several trillion won. The investigation centers on the collusion of seven companies - LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC, and Unid - over a period of years to raise prices for eight petrochemical products, including PVC, plasticizers, caustic soda, and hydrochloric acid.
The illegal profits are estimated to be in the several trillions of won, a result of supply disruptions in naphtha caused by the Middle East conflict. The arrests came after simultaneous raids on the companies on August 5, and subsequent questioning of Kim and Jang as suspects on Thursday.
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