Korea Fair Trade Commission (FTC) had recently imposed heavy penalties on 10 leading petrochemical companies for price-fixing of a few products.
The commission is once again set to impose fines on a group of seven or eight companies on similar grounds. Officials from FTC stated that the antitrust regulator has found evidence against a few companies fixing prices of low density polyethylene (LDPE) and linear low density polyethylene (LLDP).
The total fine imposed on 10 petrochemical companies amounted to around US $113.7 million. The accused enterprises were charges for fixing prices and making profits from high density polyethylene (HDPE) and polypropylene (PP) over the past 11 years.
Presently, the FTC is investigating into price-fixing of six other products that include toluene-xylene, ethylene glycol, ethylene oxide, LDPE and LLDP.
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