Hyundai Steel Launches Internal Audit Amid Large-Scale Embezzlement Allegations

[Asia Economy Reporter Jeong Dong-hoon] Hyundai Steel employees are suspected of embezzling a large sum of money by creating a shell company and inflating unit prices, prompting Hyundai Steel to launch an internal audit.

On the 6th, a Hyundai Steel official stated, "There were such reports on an online anonymous community, so we have started an internal investigation," and added, "Appropriate measures will be taken later."

Recently, allegations have surfaced on anonymous workplace communities such as 'Blind' that some employees systematically established a shell company and embezzled about 10 billion won.

According to the post, it is claimed that Hyundai Steel's general and technical staff set up a shell company and embezzled approximately 10 billion won by inflating the unit prices of operational parts or placing false orders and making payments.