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HD Hyundai Oilbank Denies Price-Fixing Allegations in Court
Energy Minerals · Oil Refining/Marketing · yonhap_finance · 2026-08-20
HD Hyundai Oilbank has pleaded not guilty to price-fixing charges, challenging prosecutors' claims of a 14 trillion won collusion scheme.
What Happened
Legal Defense: HD Hyundai Oilbank officially denied all charges of price-fixing during its first trial at the Seoul Central District Court. The company's legal counsel argued that the prosecution's claims regarding structural corruption within the domestic oil industry are unfounded.
Prosecution Case: Prosecutors allege that the company coordinated with other refiners to inflate fuel prices following the outbreak of war, estimating the total impact of the collusion at 14.2 trillion won. The investigation suggests that the total economic impact, including price hikes by other major refiners, could reach 26 trillion won.
Industry Response: Other major refiners involved in the case, including SK Energy, GS Caltex, and S-Oil, also rejected the allegations. SK Energy specifically argued that its supply contracts were compliant with Fair Trade Commission guidelines, making the criminal charges difficult to justify.
Next Steps: The court has scheduled a preparatory hearing for next month to discuss witness testimonies and trial procedures. This case is expected to be a significant test for the regulatory oversight of pricing practices in the Korean oil sector.
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