The Fair Trade Commission will order seven major petrochemical firms to scrap a polypropylene price cartel and pay billions of yen in penalties, sources familiar with the case said Monday.
The seven companies are Sumitomo Chemical Co., Japan Polychem Corp., Grand Polymer Co., Chisso Corp., Idemitsu Petrochemical Co., Tokuyama Corp., and SunAllomer Ltd., formerly named Montell SDK Sunrise Ltd.
The order follows an FTC investigation last May into allegations that executives of the seven firms met nearly every week during March 2000 in order to lift polypropylene prices via a cartel.