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 will hold hearings on Friday to determine if arrest warrants should be issued for eight executives from domestic petrochemical companies, including current and former leaders, who are accused of fixing prices for several years. The Seoul Central District Court is expected to make its decision on the warrants as early as later today.
Prosecutors allege that seven companies - LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC, and Unid - conspired to raise prices for eight different petrochemical products, including PVC, plasticizers, caustic soda, and hydrochloric acid. These companies allegedly profited from the illicit activities by capitalizing on supply disruptions caused by the Middle East conflict. PVC, primarily produced from naphtha, is a synthetic plastic commonly used in various industries.
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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