Arrest warrants sought for 8 petrochemical executives over alleged price fixing
Prosecutors on Monday requested arrest warrants for eight current and former executives of domestic petrochemical companies suspected of engaging in price fixing involving several trillion won. The eight include Kim Yoo-shin, chief executive officer (CEO) of OCI, and Jang Young-soo, former CEO of PKC, according to the Seoul Central District Prosecutors Office. Prosecutors suspect that seven…
According to the Seoul Central District Prosecutors Office, arrest warrants have been sought for eight executives associated with domestic petrochemical companies. The accused include Kim Yoo-shin, CEO of OCI, and Jang Young-soo, former CEO of PKC. Prosecutors allege that the suspects colluded with seven other companies, including LG Chem, Hanwha Solutions, Aekyung Chemical, Lotte Fine Chemical, PKC, and Unid, to fix prices for several trillion won worth of petrochemical products.
The alleged conspiracy spans several years and involves eight products, such as PVC, plasticizers, caustic soda, and hydrochloric acid. Prosecutors suspect that the companies took advantage of supply disruptions in naphtha, caused by the Middle East conflict, to generate illicit profits amounting to several trillions of won. On August 5, simultaneous raids were conducted on the companies, and Kim and Jang were subsequently questioned as suspects on Thursday.
PVC, primarily made from naphtha, is a synthetic plastic used in construction materials, pipes, and wire insulation. Plasticizers are chemicals that make plastics more pliable and easier to manufacture.
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