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 arrest warrant hearings on Friday for eight executives from domestic petrochemical companies, suspected of fixing prices for several years. The Seoul Central District Court will decide whether to issue arrest warrants for individuals including Kim Yoo-shin, CEO of OCI, and Jang Young-soo, former CEO of PKC.
Prosecutors suspect that seven companies - LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC, and Unid - colluded to raise prices for eight petrochemical products, resulting in illicit profits totaling several trillions of won. The price-fixing is believed to have taken advantage of supply disruptions in naphtha caused by the Middle East conflict. PVC, primarily made from naphtha, is a synthetic plastic used in various applications.
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.
