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,…
The Seoul Central District Court is scheduled to hold arrest warrant hearings on Friday for eight executives from domestic petrochemical companies suspected of price-fixing, according to The Korea Times. The individuals, including Kim Yoo-shin, CEO of OCI, and Jang Young-soo, former CEO of PKC, are accused of violating the fair trade law.
Prosecutors suspect that seven companies - LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC, and Unid - colluded for several years 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, with PVC being the primary product affected.
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.
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