Police Conduct Search and Seizure at Shinpung Pharmaceutical over Suspected 25 Billion Won Slush Fund Allegations
[Asia Economy Reporter Jeong Dong-hoon] The police have launched a sudden search and seizure operation against Shinpung Pharmaceutical, which is suspected of slush fund creation.
The Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency has been conducting a search and seizure since around 9:30 a.m. on the 24th at the finance team of Shinpung Pharmaceutical's headquarters in Gangnam-gu, Seoul, and the factory in Ansan, Gyeonggi Province.
The police suspect that Shinpung Pharmaceutical created slush funds amounting to about 25 billion won over more than 10 years since the mid-2000s by engaging in false transactions with pharmaceutical raw material companies and inflating raw material prices.
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The police plan to analyze the secured materials and then prove specific charges.
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