▲ The Seoul Central District Prosecutors Office (Yonhap)

SEOUL, Oct. 1 (Yonhap) -- Prosecutors on Thursday indicted six petrochemical companies and over 40 current and former company officials on charges of fixing prices on products worth more than 16 trillion won (US$11.75 billion).

The six -- LG Chem, Aekyung Chemical, OCI, Lotte Fine Chemical, PKC and Unid -- allegedly colluded for several years to raise prices for eight petrochemical products, including PVC, plasticizers, caustic soda and hydrochloric acid, according to the Seoul Central District Prosecutors Office.

Prosecutors also indicted 43 current and former executives and employees of the six companies, including OCI Vice Chairman and CEO Kim Yu-shin and former PKC CEO Jang Young-soo, on price-fixing charges.

In particular, a former head of PKC's sales division, surnamed Bae, and a former head of LG Chem's business division, surnamed Hwang, were referred to trial while in detention.

The suspects are accused of engaging in price-fixing for the eight petrochemical products, valued at 16.39 trillion won, between November 2021 and April this year.

PVC, primarily made from naphtha, is a synthetic plastic widely used in construction materials, pipes and wire insulation, while plasticizers are chemical additives that make PVC softer and more flexible.

Prosecutors alleged that the suspects continued their price-fixing collusion despite the government's provision of 146.5 billion won to support petrochemical production amid a sharp rise in international oil prices caused by the conflict in the Middle East.

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