S. Korea's Antitrust Watchdog Launches Probe into 4 Petrochemical Firms

By Kang Yoon-seung SEJONG, May 14 (Yonhap) -- South Korea's antitrust watchdog on Thursday launched on-site investigations into four major petrochemical firms over allegations of price-fixing amid growing concerns over rising consumer prices in the wake of the Middle East crisis, sources said. According to the sources, the Fair Trade Commission sent investigators to LG Chem Ltd., Hanwha Solutions, Aekyung Group and OCI Co. to secure documents as part of the probe, which is expected to continue through Friday. The investigation follows allegations that the four companies fixed prices of polyvinyl chloride (PVC) and plasticizers, key chemical additives used in PVC production. LG Chem and Hanwha Solutions both supply PVC, while all four companies produce plasticizers. An FTC official declined to comment, saying the agency does not provide details on individual cases. The move comes as the government has stepped up efforts to stabilize consumer prices and crack down on unfair practices that could take advantage of recent supply chain disruptions caused by the Middle East crisis.