Six petrochemical companies indicted for price-fixing

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SEOUL, Oct. 1 (Yonhap) -- Prosecutors on Thursday indicted six petrochemical companies and over 40 current and former company officials on charges of fixing prices on products worth more than 16 trillion won (US$11.75 billion).

The six -- LG Chem, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC and Unid -- allegedly colluded for several years to raise prices for eight petrochemical products, including PVC, plasticizers, caustic soda and hydrochloric acid, according to the Seoul Central District Prosecutors Office.

Prosecutors also indicted 43 current and former executives and employees of the six companies, including OCI Vice Chairman and CEO Kim Yu-shin and former PKC CEO Jang Young-soo, on price-fixing charges.

In particular, a former head of PKC's sales division, surnamed Bae, and a former head of LG Chem's business division, surnamed Hwang, were referred to trial while in detention.

The suspects are accused of engaging in price-fixing for the eight petrochemical products, valued at 16.39 trillion won, between November 2021 and April this year.

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.

Prosecutors alleged that the suspects continued their price-fixing collusion despite the government's provision of 146.5 billion won to support petrochemical production amid a sharp rise in international oil prices caused by the conflict in the Middle East.

The Seoul Central District Prosecutors Office (Yonhap)

Six petrochemical companies indicted for price-fixing

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首尔，10 月 1 日（韩联社）——周四，检方起诉了六家石化公司和 40 多名现任和前任公司官员，指控他们操纵价值超过 16 万亿韩元（117.5 亿美元）的产品价格。

据首尔中央地方检察厅称，LG化学、爱京化学、OCI、乐天精细化学、PKC和Unid这六家公司涉嫌串谋数年，抬高包括PVC、增塑剂、烧碱和盐酸在内的八种石化产品的价格。

检察官还以操纵价格的罪名起诉了这六家公司的 43 名现任和前任高管及员工，其中包括 OCI 副董事长兼首席执行官金裕信和前 PKC 首席执行官张英洙。

尤其值得一提的是，PKC销售部门前负责人裴姓人士和LG化学业务部门前负责人黄姓人士在拘留期间被移送审判。

嫌疑人被指控在 2021 年 11 月至今年 4 月期间，操纵价值 16.39 万亿韩元的八种石化产品的价格。

聚氯乙烯（PVC）主要由石脑油制成，是一种广泛用于建筑材料、管道和电线绝缘的合成塑料，而增塑剂是使聚氯乙烯更柔软、更有弹性的化学添加剂。

检方指控，尽管政府拨款 1465 亿韩元支持石化产品生产，以应对中东冲突导致的国际油价飙升，但嫌疑人仍继续串谋操纵价格。

首尔中央地方检察厅（韩联社）

六家石化公司因操纵价格被起诉