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South Korea Prosecutors Seek Arrests of Petrochemical Executives in Price-Fixing Probe

By  |  September 14, 2026
Petrochemical

South Korean prosecutors are seeking arrest warrants for eight current and former petrochemical executives as authorities widen an investigation into alleged price coordination that prosecutors say generated illicit gains worth several trillion won.

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    The Seoul Central District Prosecutors Office requested the warrants Monday, according to Yonhap News Agency. The executives include OCI Chief Executive Officer Kim Yoo-shin and former PKC CEO Jang Young-soo, Yonhap reported.

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    Investigators suspect seven petrochemical producers — LG Chem, Hanwha Solutions, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC and Unid — coordinated prices over a period of several years, according to Yonhap.

    The investigation covers eight petrochemical products, including polyvinyl chloride, or PVC, as well as plasticizers, caustic soda and hydrochloric acid, the news agency reported.

    Related: South Korean Petrochemical Firms Face Price-Fixing Probe as Industry Pressures Mount

    Prosecutors allege the companies exploited disruptions to naphtha supplies stemming from conflict in the Middle East to increase prices, resulting in unlawful profits totaling several trillion won, according to Yonhap. Naphtha is an important feedstock for the petrochemical industry and is used in the production of PVC and other materials.

    Authorities searched the seven companies simultaneously on Aug. 5 as part of the investigation, Yonhap reported. Prosecutors later questioned Kim and Jang as suspects on Thursday, according to the news agency.

    Source: Yonhap