Prosecutors raid Korean Air headquarters over tax evasion
/ Yonhap
Prosecution investigators raided the headquarters of Korean Air on Thursday as part of an investigation into allegations of tax evasion and other charges involving the family of Chairman Cho Yang-ho.
About 30 investigators seized documents and other evidential materials from offices at the flag carrier's headquarters in western Seoul as part of an investigation into suspicions that the Cho family failed to pay taxes.
The investigation came after tax authorities in Seoul filed an official complaint with the prosecution, accusing the Cho family of failing to pay taxes when Cho inherited some overseas assets from his late father Cho Choong-hoon.
Prosecutors have also detected suspicious money flows in bank accounts of the Cho family and related people and are looking into suspicions that the family could have embezzled company money to create slush funds worth more than 20 billion won ($18 million). (Yonhap)