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Korea Fines Firms for PE Price Fixing

1:34 PM MST | January 28, 2008 | Chemical Week Editorial Staff

Korea’s Fair Trade Commission (FTC; Seoul) has slapped combined fines of won54.17 billion ($57 million) on six Korean companies for conspiring to fix prices of low-density polyethylene (PE) and linear low-density PE between 1994 and 2005. The firms are Hanwha Chemical, LG Chem, Samsung General Chemical, Samsung Total Petrochemicals, Seetec, and SK Corp. Honam Petrochemical also participated in the price-fixing cartel but the company escaped punishment because it alerted FTC to the cartel’s existence. FTC says it has referred Hanwha, Samsung Total, and...

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