Prosecutors have raided the office and residence of Hankook Tire President Cho Hyun-bum as part of their probe into allegations that he embezzled and misappropriated company funds.

The Seoul Central District Prosecutors’ Office carried out raids on ten locations on Thursday on suspicions that Cho pocketed billions of won from his company and spent the money on personal expenses, including a luxury car and house repairs.

Through the raids, prosecutors plan to seize ledgers to determine the exact amount of money Cho may have embezzled and misappropriated.

The raids come as Cho is already facing investigations over allegations that he wrongfully supported an affiliate of Hankook Tire.

Cho was booked on charges of violating the Fair Trade Act after the Fair Trade Commission filed a complaint against him last Tuesday at the request of the prosecution, which was probing the unfair support case.

Source: KBS World Radio