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Market Chatter: South Korean Prosecutors Accuse Eight Petrochemical Executives of Price Fixing

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The South Korean prosecutors have accused eight current and former executives of domestic petrochemical companies and have sought their arrest for suspected participation in a price-fixing scandal involving several trillion won, Yonhap News reported Monday.

Among the accused executives are OCI Chief Executive Kim Yoo-shin and former PKC CEO Jang Young-soo, and the Seoul Central District Prosecutors suspect seven companies, including LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC, and Unid, were together involved for several years in fixing higher prices for eight petrochemical products.

Prosecutors claimed the companies allegedly made illicit profits totaling several trillion won due to the Middle East conflict disrupting naphtha supply, and authorities raided and questioned Kim and Jang as part of the investigation on Aug. 5.

LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC and Unid did not immediately respond to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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