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, including Kim Yoo-shin, chief executive officer of OCI, and Jang Young-soo, former CEO of PKC, accused of violating the fair trade law.
The court's decision is expected to be made as early as later in the day.
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, including polyvinyl chloride, plasticizers, caustic soda and hydrochloric acid.
The companies are suspected of making illicit profits totaling several trillions of won by taking advantage of supply disruptions in naphtha caused by the Middle East conflict.
PVC, primarily made from naphtha, is a synthetic plastic widely used in construction materials, pipes and wire insulation, while plasticizers are chemical additives that make PVC softer and more flexible. (Yonhap)
