Seoul court to decide on arrest warrants for eight petrochemical executives accused of price fixing
A Seoul court will hold hearings to determine whether to issue arrest warrants for eight current and former petrochemical executives suspected of colluding to fix prices.
On Friday, the Seoul Central District Court will hear arguments on whether to grant arrest warrants for eight individuals tied to South Korea's petrochemical sector. Among those named are Kim Yoo-shin, the chief executive of OCI, and Jang Young-soo, who previously led PKC. Prosecutors claim that seven companies—LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC and Unid—colluded over several years to inflate prices for products such as polyvinyl chloride, plasticizers, caustic soda and hydrochloric acid.
The price hikes are said to have generated illicit profits amounting to several trillion won, taking advantage of naphtha supply shortages caused by the Middle East conflict. The court is expected to issue its ruling on the warrants by the end of the day.
Why it matters
The case could reshape enforcement of South Korea's fair-trade rules and impact major petrochemical firms.
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