By Lee Kyung-min
The prosecution has launched an investigation into Hyundai Securities over allegations it gained illegal profits by misusing government trust funds worth some 57 trillion won ($ 5.1 billion) for five years, until last year.
According to the Seoul Southern District Prosecutors’ Office, the company’s former and incumbent executives and employees are suspected of engaging in fake trading of trust funds after securing them from the Korea Post and the Korea Lottery Commission.
The probe is based on a complaint filed in May by Rep. Kim Yong-nam of the ruling Saenuri Party.
“The amount of inflation is beyond unusual, almost unprecedented. Those involved should face due punishment,” Kim charged.
The prosecution plans to call in company executives for questioning soon. Rep. Kim will be called as early as next week.