One HD Hyundai Oilbank employee detained on price-fixing allegations; another denied

[Financial News] An employee of HD Hyundai Oilbank, accused of colluding to artificially raise or freeze the prices of fuel and petroleum products sold in South Korea, has been detained.
Judge Boo Dong-sik of the Seoul Central District Court's warrant division issued an arrest warrant on the 18th for Kim, the head of HD Hyundai Oilbank's price-setting team, who is accused of violating the Monopoly Regulation and Fair Trade Act (MRFTA) and other charges. The court said Kim was at risk of destroying evidence.
Another employee, identified as A, who was reviewed alongside Kim that day, was denied detention. The court explained the reason for the denial, saying, "Based on the suspect's position and role, as well as the investigation status, there is insufficient explanation to support concerns about evidence destruction and flight risk."
They are accused of colluding in advance with SK Energy, GS Caltex, and S-Oil to fix the prices of fuel and petroleum products distributed in South Korea. Prosecutors have been investigating the companies after detecting signs that they systematically engaged in collusion, taking advantage of Middle East crises such as the Iran-Iraq War. On March 23, they searched the companies and the Korea Petroleum Association.
As the Lee Jae Myung administration has stressed the need to crack down on collusion, prosecutors are expected to continue their investigation into other companies.
theknight@fnnews.com Jung Kyung-soo Reporter