South Korea raids petrochemical firms in price-fixing probe, media reports
RoydadNaft – South Korean prosecutors searched seven petrochemical companies as part of an investigation into alleged price fixing involving products such as caustic soda and polyvinyl chloride (PVC), a media report said on Wednesday.
The prosecutors were investigating allegations that companies colluded to raise the price of eight products over several years, including caustic soda and PVC, the report said.
The probe is part of the government’s efforts to crack down on illicit activities that inflate prices of petroleum products amid higher oil prices, according to the newspaper.
The prosecutors’ office did not immediately respond to a request for comment.
Hanwha, Aekyung, Unid and OCI also did not immediately respond to requests for a comment, while LG, Lotte and PKC declined to comment.
