[BUSINESS] Korea Prosecutors Raid Hyosung Group

D-Bo, Oct. 15, 2013, 1:22 p.m.


Prosecutors on Friday raided the headquarters of Hyosung Group, the country's 26th largest conglomerate.  The home of its chairman Cho Suck Rai was also included in raids to seize accounting records.

Investigation of the conglomerate began earlier this month after the National Tax Service accused Cho and two of his aides of plotting tax evasion. The tax agency also accused the group of cooking its books in the past 10 years to cover up losses in overseas businesses in the wake of the 1997 Asian financial crisis.

A spate of recent probes into the country's major conglomerates is part of the Park Geun-hye administration's campaign to correct unfair market practices.

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