SEOUL (XINHUA) - South Korean prosecutors on Monday (July 2) sought an arrest warrant for the chairman of Korean Air Lines, the country's flagship air carrier, on charges of tax evasion and embezzlement.
Korean Air chairman Cho Yang-ho, 69, has been under investigation over suspicion that he dodged more than 50 billion won (S$61 million) in inheritance taxes.
He was accused of embezzlement by paying lawyer fees with company funds and of making illegal profits by unfairly offering business contracts to companies controlled by his family.
Cho was also charged with pocketing unfair profits by running an illegal pharmacy.
The Korean Air chief was questioned by prosecutors last week for more than 15 hours. He reportedly denied most of the charges.
The arrest warrant for Cho was sought some two weeks after the South Korean court rejected the request to arrest Lee Myung-hee, Cho's wife, for multiple charges, including assaulting employees and illegally hiring housekeepers.
Cho's two daughters have been under investigation in recent months over charges similar to their mother's.