Two Petrochemical Executives Arrested Over 15 Trillion Won Price-Fixing Scheme

Two executives at domestic petrochemical companies have been arrested on charges of colluding on petrochemical product prices.

The Seoul Central District Court issued arrest warrants for two out of eight executives facing requests for warrants under the Fair Trade Act, citing concerns over the destruction of evidence. The court dismissed the requests for the remaining six, citing an insufficient explanation of charges and a lack of risk regarding evidence destruction.

Prosecutors suspect that they conspired in advance to raise prices on eight products, including PVC and plasticizers, raking in more than 15 trillion won in ill-gotten gains.
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