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S.Korea police raid Korean Air headquarters in embezzlement probe
July 7, 2017 / 5:38 AM / 5 months ago

S.Korea police raid Korean Air headquarters in embezzlement probe

SEOUL, July 7 (Reuters) - South Korean police said on Friday it raided the headquarters of Korean Air Lines Co Ltd as part of an investigation into embezzlement and breach of trust.

A police official said it was a probe into allegations that company funds were used to pay for construction work at the home of Korean Air Chairman Cho Yang-ho. But he added that the investigation has not yet determined who the suspects were.

A Korean Air spokesman declined to comment. The firm’s shares extended losses on the news to be down 3 percent as of 0524 GMT. (Reporting by Joyce Lee; Writing by Se Young Lee; Editing by Edwina Gibbs)

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