• May 20, 2024

Prosecutors raid KT&G over alleged corruption

Prosecutors announced on Oct. 2 that they have raided the headquarters of KT&G, South Korea’s leading tobacco maker, due to allegations that the company created slush funds in the process of taking over other companies, according to The Korea Herald.

The office of Min Young-jin, the former head of KT&G Corp., as well as that of his secretary, were included on the list of raids, the Seoul Central District Prosecutors’ Office said. Prosecutors confiscated from the state-run tobacco firm accounting books and transaction information regarding KT&G’s business partners. They suspect Min created secret funds while taking over and managing a local cosmetics company and a bio venture company that has become KT&G’s affiliate.

Min resigned in July, when prosecutors launched the investigation.