South Korea police raid Korean Air headquarters in embezzlement probe

A police official said it was a probe into allegations that company funds were used to pay for construction work at the home of Korean Air Chairman Cho Yang Ho.
A police official said it was a probe into allegations that company funds were used to pay for construction work at the home of Korean Air Chairman Cho Yang Ho. PHOTO: REUTERS

SEOUL (REUTERS) - South Korean police said on Friday it raided the headquarters of Korean Air Lines as part of an investigation into embezzlement and breach of trust.

A police official said it was a probe into allegations that company funds were used to pay for construction work at the home of Korean Air Chairman Cho Yang Ho. But he added that the investigation has not yet determined who the suspects were.

A Korean Air spokesman declined to comment. The firm's shares extended losses on the news to be down 3 per cent as of 0524 GMT (12.24pm Singapore time).