HD Hyundai Oilbank Employee Arrested Over Alleged Price Fixing

An employee of the South Korean oil company HD Hyundai Oilbank has been arrested on charges of colluding to fix oil prices, taking advantage of global geopolitical instability that has driven up fuel costs. The Seoul Central District Court issued an arrest warrant for the employee, identified only as Kim, citing concerns that he might tamper with evidence.

However, the court denied an arrest warrant for another employee, also named Kim, stating there was insufficient evidence to suggest a flight risk or the need to prevent evidence destruction. The Seoul Central District Prosecutors' Office has been investigating HD Hyundai Oilbank, SK Energy, GS Caltex, S-Oil, and the Korea Petroleum Association since March. This investigation followed the government's announcement of a strict crackdown on alleged price-fixing by oil refiners.

Prosecutors are basing their probe on information gathered internally after the government declared its firm stance against such practices. President Yoon Suk-yeol had previously stated in March, during a period of rising oil prices due to conflicts involving the US, Israel, and Iran, that illegal activities like collusion, hoarding, and stockpiling by oil refiners and gas stations would be thoroughly investigated. He emphasized the need for severe penalties, potentially several times the profits gained from violations.