Prosecutors Conduct Search at Hyundai AutoEver Headquarters Over 'KT Boeun Investment Suspicion'

Prosecutors investigating KT's alleged 'Boeun investment' suspicion conducted a search and seizure at the headquarters of Hyundai AutoEver on the 11th.

Seoul Central District Prosecutors' Office, Seocho-gu, Seoul. / Photo by Jinhyung Kang aymsdream@

The Fair Trade Investigation Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Yong Seong-jin) sent prosecutors and investigators to three locations this morning: Hyundai AutoEver's headquarters, the cloud operations center, and the Samsung-dong office building, to secure internal documents.

This follows the search and seizure of the residences of former Hyundai AutoEver CEO Seo Jeong-sik and others on the 20th of last month, as they move to secure additional evidence. Prosecutors are investigating allegations of breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes, concerning Park Seong-bin, the brother-in-law of Hyundai Motor Group Chairman Chung Eui-sun and former CEO, who established the vehicle cloud company Spark & Associates (Spark, now Open Cloud Lab), which KT Cloud allegedly acquired at a price higher than the normal market value. Prosecutors suspect that Hyundai AutoEver was involved in this acquisition process.