South Korean Petrochem Giants Face Price-Fixing Probe

South Korean prosecutors initiated a significant investigation into alleged price fixing within the petrochemical sector, leading to searches at seven prominent companies. Offices of entities such as Hanwha Solutions, LG Chem, Aekyung Chemical, Unid Co., PKC, OCI, and Lotte Fine Chemical were raided by the Seoul Central Prosecutors' Office.

The core of the investigation involves allegations that these companies engaged in collusion to artificially raise the prices of at least eight different products over an extended period. Key items under scrutiny include essential industrial chemicals like caustic soda and polyvinyl chloride (PVC).

This crackdown is reportedly aligned with the South Korean government's wider strategy to curb illicit practices that contribute to inflated product prices, especially in the context of rising global oil costs. Representatives from several of the targeted companies either declined to comment or were unavailable for immediate remarks.