Korea Zinc offices raided over probe into plan to sell new shares

This picture shows Korea Zinc's headquarters in Jongno District, Seoul, Oct. 7, 2024. Yonhap

Prosecutors on Wednesday raided the headquarters and offices of Korea Zinc over their probe into a plan to sell new shares by the world's largest zinc smelter.

The Seoul Southern District Prosecutors Office sent prosecutors and investigators to search six offices and five residences of Korea Zinc's executives to secure evidence.

Prosecutors suspect that Korea Zinc's plan to sell new shares, announced in October last year, may constitute an unfair trading practice and violate the Financial Investment Services and Capital Markets Act.

Financial regulators have asked prosecutors to investigate the case, saying that it was linked with unfair practices.