Prosecutors Conduct Search and Seizure at SK Networks and Choi Seon-won's Residence Over 'Slush Fund Suspicion'
[Asia Economy Reporter Baek Kyunghwan] The prosecution has launched a forced investigation, including a search and seizure of the residence of Choi Sin-won, chairman of SK Networks, who is suspected of slush fund creation. Chairman Choi is the second son of Choi Jong-gun, the founder of SK Group, and is a cousin of Chairman Choi Tae-won.
On the 6th, the Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors' Office (Chief Prosecutor Jeon Jun-cheol) announced that they dispatched prosecutors and investigators to 10 locations, including SK Networks and related affiliates in Jung-gu, Seoul, as well as Chairman Choi Sin-won's residence, to carry out search and seizure operations.
The prosecution is reported to have secured physical evidence such as accounting-related computer hard disks at these locations. Until now, the prosecution had detected abnormal cash flows within SK Networks and was investigating suspicions of slush fund creation. They have begun collecting related materials through simultaneous and widespread search and seizure operations.
Notably, Chairman Choi Sin-won's residence was included in this search and seizure. The prosecution is reportedly suspecting Chairman Choi of embezzlement and breach of trust charges.
Earlier, the Financial Intelligence Unit (FIU) detected suspicious cash flows within SK Networks and transferred related materials to the prosecution. This case was initially investigated for a long period by the Fair Trade Investigation Division of the Seoul Central District Prosecutors' Office, including account tracking, but was recently reassigned to the Anti-Corruption Investigation Division 1. The prosecution believes that SK Networks created slush funds and that Chairman Choi embezzled company funds while tracing the cash flows.
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The prosecution's future investigation is expected to focus on suspicions of slush fund creation within SK Networks. However, the prosecution is drawing a clear line regarding any connection with SK Group or Chairman Choi Tae-won.
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