The prosecution investigating allegations of 'favoritism purchases' by a KT subsidiary has conducted a search and seizure at the residence of the CEO of Hyundai AutoEver and other locations.
The Fair Trade Investigation Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Yong Seong-jin) dispatched prosecutors and investigators on the 20th to four locations, including the residences of the Hyundai AutoEver CEO and a Spark & Associates official, to secure materials related to the allegations.
Earlier, on the 17th, the prosecution conducted search and seizure at the residences of two employees of KT and KT Cloud.
The prosecution is investigating suspicions that KT Cloud purchased shares of Spark, a company established by Park Seong-bin, the brother-in-law of Hyundai Motor Group Chairman Chung Eui-sun, at a high price as a favor to Hyundai Motor Company, which had purchased shares of a company owned by the brother of former KT CEO Koo Hyun-mo.
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