Ministry of Commerce (hereinafter referred to as “investigating organ”) released announcement No. 49, 2003 on Sep 9, 2003, deciding to impose anti-dumping duties on SBR originating from Russia, the Republic of Korea and Japan. The anti-dumping duty rate on Hyundai Petrochemical Co., Ltd. was stipu lated to be 19%.
In response to application of Hyundai Petrochemical Co., Ltd., the investigating organ released Announcement No.86, 2004 on Dec 13, 2004, deciding to carry out midterm review of dumping and dumping profit margin on SBR anti-dumping measures that was applied to Hyundai Petrochemical Co., Ltd.. During the review, the Hyundai Petrochemical Co., Ltd. changed its name into LG Daesan Petrochemical Ltd., apply to investigating organ for name alteration and require that the LG Daesan Petrochemical Ltd. should succeed the rights and obligations of the anti-dumping measures that applied to Hyundai Petro chemical Co., Ltd..
In accordance with results of investigation, the investigating organ release Announcement No.81, 2005 on Dec 13, 2005, approving that LG Daesan Petrochemical Ltd. should succeed the anti-dumping measures applied to Hyundai Petrochemical Co., Ltd., and the tax rate is adjusted to 4.15 percent in acco rdance with investigation results.
On Apr 20, 2006, LG Chem, Ltd. submitted application to the investigating organ, saying that the said company had absorbed and merged its branch company, LG Daesan Petrochemical Ltd. with the producing, sale and operation of the investigated commodities staying unchanged. Therefore, LG Chem, Ltd. ap plied to succeed the anti-dumping measures applied to LG Daesan Petrochemical Ltd. and submitted supplementary materials in accordance with related requirements.
The investigating organ informed domestic industry, the original applicant of the name alteration application, who did not put forward any comments and opinions.
In line with results of investigation, the investigating organ believes that the present evidences indicate that LG Chem, Ltd. has absorbed and merged LG Daesan Petrochemical Ltd. with the material supply, manufacturing facilities, sales clients and operation of the investigated commodities staying unchanged. As from the date, LG Chem, Ltd. is allowed to succeed the anti-dumping measures that are applied to LG Daesan Petrochemical Ltd. and the tax rate is 4.15 percent. As from release of this announcement, when exporting investigated commodities to China mainland in name of “LG Daesan Petroch emical Ltd.”, exporters should pay tax in line with a rate of 27%, which is equal to that of “other Korean companies”.
