| State prosecutors have banned Hyosung Group chairman Cho Suck-rai, 78, his sons and Hyosung executives from leaving Korea on charges including embezzlement, breach of duty and tax evasion. The Hyosung executives include the conglomerate`s vice chairman Lee Sang-woon, 61, and executive directors known to be in charge of managing the Hyosung chairman`s coffers.
The Seoul Central District Prosecutors` Office on Friday raided the headquarters of the Hyosung Group in western Seoul and the residences of the conglomerate`s chairman and his sons. A team of some 60 prosecutors and investigators seized computer hard drives and financial documents as part of their prove into Hyosung`s corporate irregularities.
The investigation comes 10 days after the National Tax Service filed a charge against the group`s chairman for alleged tax evasion.
The prosecution imposed the overseas travel ban on Cho and the other separately from similar moves by the tax authorities. When the tax office investigated Hyosung, it banned just three people, including the Hyosung chairman, from leaving the country for up to 10 days.