Prosecutors seeks arrest warrant for South Korean tycoon
SEOUL (AFP) - South Korean prosecutors are seeking an arrest warrant for the head of one the country's large conglomerates over allegations he created slush funds and helped his company evade S$119 million) in taxes, reports said on Friday.
Cho Suk-Rai, head of the Hyosung Corporation, which has interests ranging from chemicals to heavy machinery, is facing multiple charges including embezzlement, tax fraud and breach of trust, prosecutors said, according to the Kyodo news agency.
"Senior prosecutors at the Seoul Central District Prosecutors' Office have decided to seek the warrant for (Cho) after careful deliberation," a prosecutor described as close to the investigation told the news agency.
Cho was summoned by prosecutors twice this week to answer the allegations, Kyodo added.