3 days ago
Prosecutors Seek Warrants for Eight Petrochemical Executives
Prosecutors in Seoul want judges to approve arrest warrants for eight petrochemical company executives.
They suspect seven companies worked together to raise prices.
The products included materials such as PVC, plasticizers, caustic soda and hydrochloric acid.
Prosecutors say the companies may have made several trillion won illegally.
They believe the companies took advantage of supply problems linked to conflict in the Middle East.
Investigators raided the companies on August 5.
Two executives were questioned as suspects on Thursday.
Separately, South Korean stocks dropped sharply on Monday as investors sold shares.
Prosecutors requested arrest warrants for eight current and former petrochemical executives in Seoul.
They suspect seven companies colluded for years to raise prices on eight petrochemical products.
The alleged price fixing involved products including PVC, plasticizers, caustic soda and hydrochloric acid.
Prosecutors allege the companies earned several trillion won amid naphtha supply disruptions caused by Middle East conflict.
Seoul stocks fell 3.26 percent Monday, with the KOSPI closing at 6,684.37.
- Who
- South Korean prosecutors, eight current and former executives, and seven petrochemical companies, including OCI and PKC.
- What
- Prosecutors requested arrest warrants over alleged collusion to raise prices on eight petrochemical products.
- Where
- Seoul, South Korea.
- When
- The warrant requests were made Monday; company raids occurred on August 5, and Kim Yoo-shin and Jang Young-soo were questioned Thursday.
- Why
- Prosecutors suspect the companies coordinated prices and made illicit profits during naphtha supply disruptions linked to Middle East conflict.
Key facts
- Warrants sought
- Eight current and former petrochemical executives
- Companies investigated
- LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC and Unid
- Products involved
- Eight products, including PVC, plasticizers, caustic soda and hydrochloric acid
- Alleged profits
- Several trillion won
- Executive named
- Kim Yoo-shin, CEO of OCI
- Former executive named
- Jang Young-soo, former CEO of PKC
- KOSPI closing
- 6,684.37, down 225.54 points or 3.26 percent
Sources
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