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 sought arrest warrants for eight executives from petrochemical companies, including CEOs of OCI and PKC, for allegedly engaging in price fixing involving several trillion won worth of products. The companies suspected of colluding include LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC, and Unid, and are accused of raising prices for eight petrochemical products including PVC, plasticizers, caustic soda, and hydrochloric acid.
The price fixing is believed to have taken advantage of supply disruptions in naphtha caused by the Middle East conflict, resulting in illicit profits for the companies. The Seoul Central District Prosecutors Office conducted simultaneous raids on the companies on August 5 and questioned Kim Yoo-shin and Jang Young-soo 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.
