Court to hold arrest warrant hearings for 8 petrochemical executives over alleged price-fixing
A Seoul court was set to hold hearings Friday to decide whether to issue arrest warrants for eight current and former executives of domestic petrochemical companies suspected of fixing prices of products for several years, resulting in massive illicit profits for their companies. The Seoul Central District Court was scheduled to hold the arrest warrant hearings for the eight individuals,…
A Seoul court is scheduled to hold hearings on Friday to determine whether to issue arrest warrants for eight individuals connected to domestic petrochemical companies allegedly involved in price-fixing, resulting in significant illicit profits for their corporations. The Seoul Central District Court will hear cases against Kim Yoo-shin, CEO of OCI, and Jang Young-soo, a former CEO of PKC, among others, for alleged violations of fair trade laws.
Prosecutors suspect that seven companies - LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC, and Unid - conspired over several years to raise prices for eight petrochemical products, such as polyvinyl chloride (PVC), plasticizers, caustic soda, and hydrochloric acid. These companies are claimed to have gained illicit profits in the billions from exploiting supply disruptions in naphtha, caused by conflicts in the Middle East. PVC, primarily produced from naphtha, is a synthetic material used widely in various industries.
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