Prosecutors Raid Daewoo Industrial Development... Suspected 100 Billion Won Accounting Fraud

The Tax Crime Investigation Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Min Kyung-ho) launched a forced investigation on the 13th into Daewoo Industrial Development, which is suspected of accounting fraud involving approximately 100 billion won.

Prosecutor's Office [Image source=Yonhap News]

The prosecution is investigating violations of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (embezzlement and breach of trust) and accounting fraud. Prosecutors and investigators have been dispatched to 10 locations, including the company's headquarters in Yeonsu-gu, Incheon, the Seoul office in Jung-gu, Seoul, and the residences of executives and employees, to secure accounting documents and other evidence.

Earlier, the civic group Committee for the Protection of the Common People's Livelihoods filed a complaint with the police against Chairman Lee Sang-young of Daewoo Industrial Development, CEO Han Jae-jun, and financial officers for violating the External Audit Act related to the accounting fraud suspicions. CEO Han and one financial officer were transferred to the prosecution.

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