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Prosecutors raid Samsung Group unit in slush fund probe
Seoul, Nov 24: Prosecutors today raided an affiliate of the Samsung Group, South Korea`s largest conglomerate, in a widening probe of slush funds provided by businesses to politicians, officials said.
Seoul, Nov 24: Prosecutors today raided an affiliate of the Samsung Group, South Korea's largest conglomerate, in a widening probe of slush funds provided by businesses to
politicians, officials said.
Investigators seized financial documents at Samsung Electro-Mechanics Co., the group's subsidiary specialising in electronics parts and fiber optics, and its subcontractor Dongyang Electric Industrial Co.
"The search and seizure were carried out in the morning," a Samsung electro-mechanics official told by telephone from the firm's headquarters in Suwon, 46 kilometres south of Seoul. Prosecutors allege that the firm created a slush fund for illegal political donations by inflating its transactions with Dongyang electric industrial, according to Yonhap news agency.
Executives at both firms will be summoned for questioning, the agency said.
South Korea's top conglomerates, known as Chaebol, have been under investigation for allegedly channelling funds to politicians during last year's presidential election campaign. Last week, prosecutors raided LG home shopping, affiliated with South Korea's second largest Chaebol, the LG group, after imposing an overseas travel ban on the group's chairman, Koo Bon-Moo.
Kumho group chairman park Sam-Koo has been already questioned by the prosecution over whether he had created a secret fund and channelled cash to political parties last year.
Bureau Report
"The search and seizure were carried out in the morning," a Samsung electro-mechanics official told by telephone from the firm's headquarters in Suwon, 46 kilometres south of Seoul. Prosecutors allege that the firm created a slush fund for illegal political donations by inflating its transactions with Dongyang electric industrial, according to Yonhap news agency.
Executives at both firms will be summoned for questioning, the agency said.
South Korea's top conglomerates, known as Chaebol, have been under investigation for allegedly channelling funds to politicians during last year's presidential election campaign. Last week, prosecutors raided LG home shopping, affiliated with South Korea's second largest Chaebol, the LG group, after imposing an overseas travel ban on the group's chairman, Koo Bon-Moo.
Kumho group chairman park Sam-Koo has been already questioned by the prosecution over whether he had created a secret fund and channelled cash to political parties last year.
Bureau Report