Prosecutors Seek Arrests in South Korean Oil Price-Fixing Probe

Prosecutors have taken a significant step in their investigation into alleged price-fixing among South Korea's major oil companies, requesting arrest warrants for two executives at HD Hyundai Oilbank. The charges stem from accusations that the company colluded with others to manipulate oil prices, exploiting global market volatility. This move follows a broader probe initiated in March, which saw authorities raid the offices of HD Hyundai Oilbank, SK Energy, GS Caltex, S-Oil, and the Korea Petroleum Association. The investigation is being conducted under the Fair Trade Act. The prosecution's actions are in line with the government's stated commitment to strictly enforce regulations against illegal practices in the oil industry. President Yoon Suk-yeol had previously warned against collusion, hoarding, and other illicit activities by oil refiners and gas stations, emphasizing the need for severe penalties, including fines several times the profits gained from such actions. The court is scheduled to hold a hearing on the arrest warrants on June 18th.

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It is necessary to thoroughly crack down on illegal activities such as collusion, hoarding, and cornering by oil companies and gas stations amid soaring oil prices, and to impose severe penalties several times the profits gained from violations.