An HD Hyundai Oilbank employee accused of colluding on oil prices was arrested on the 18th.
After holding a pretrial detention questioning (warrant review) on this day for a current head of the pricing department at HD Hyundai Oilbank, a person surnamed Kim, Seoul Central District Court warrant judge Boo Dong-sik issued an arrest warrant, saying there were concerns about destruction of evidence.
For another employee in the same department, also surnamed Kim, who underwent the warrant review together, the court rejected the warrant, saying the explanation was insufficient to show concerns about destruction of evidence or flight risk in light of the suspect's position, role, and the status of the investigation.
The Fair Trade Investigation Division of the Seoul Central District Prosecutors' Office (Director General Na Hee-seok) is currently investigating allegations that four major refiners—SK Energy, GS Caltex, S-Oil, and HD Hyundai Oilbank—colluded on oil prices. The four companies are suspected of conspiring to arbitrarily raise or freeze prices of fuel and petroleum products distributed domestically through prior consultations.
The investigation gained momentum after President Lee Jae-myung in Mar. ordered stern action, saying, "Collusive price manipulation is a grave crime against the public." Prosecutors suspect that planned collusion by refiners was behind the across-the-board surge in oil prices immediately after the outbreak of the Iran war.
On Mar. 23, prosecutors launched a compulsory investigation by raiding the refiners and the Korea Petroleum Association.