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 have sought arrest warrants for eight petrochemical executives, including the CEO of OCI and the former CEO of PKC, over alleged price fixing of several trillion won worth of petrochemical products, according to the Seoul Central District Prosecutors Office. The companies under investigation include LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC, and Unid.
The prosecution suspects that these companies conspired for years to raise prices for eight key petrochemical products, such as PVC, plasticizers, caustic soda, and hydrochloric acid, taking advantage of supply disruptions caused by the Middle East conflict. The companies are believed to have made illicit profits from these price-fixing activities.
Simultaneous raids on the companies took place on August 5, and Kim Yoo-shin and Jang Young-soo were questioned as suspects on Thursday. PVC, primarily derived from naphtha, is a widely used synthetic plastic in construction materials, pipes, and wire insulation, while plasticizers are chemical compounds used to increase the flexibility of plastics.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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