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…
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, over suspected price-fixing involving several trillion won. The investigation, which began with simultaneous raids on the companies on August 5, centers around allegations that seven companies - LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC, and Unid - conspired for years to manipulate prices for eight petrochemical products.
These products include PVC, plasticizers, caustic soda, and hydrochloric acid, which are crucial in various industries, from construction materials to wire insulation. Prosecutors suspect that the companies took advantage of supply disruptions in naphtha, caused by Middle East conflicts, to generate illicit profits. Kim and Jang were questioned as suspects on Thursday.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
