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South Korea: Dongkuk Steel offices raided over embezzlement allegations

By  |  March 30, 2015

Prosecutors on Sunday finished a 17-hour raid on Dongkuk Steel to look into embezzlement and tax evasion allegations, the latest in a series of investigations on the nation’s conglomerates that follow a pledge by the newly appointed prime minister to wipe out corruption.

The country’s first privately run steelmaker is suspected to have stashed away more than 10 billion won ($9 million) through trade deals with its foreign branches by overstating the price of raw materials and avoiding taxes.

The company, which celebrated its 60th anniversary last year, has operations in various countries, including the United States and Japan.

Approximately 60 prosecutors and investigators from the Seoul Central District Prosecutors’ Office were assigned to the raid, which began Saturday morning and ended the following day at 2:40 a.m.

About 10 establishments were raided in total.

 

Full Content: Business Korea

 

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