South Korea: Authorities Raid Oil Company
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Friday, 16 May 2008 |
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South Korean prosecutors raided state- run Korea National Oil Corporation
today on allegations of rebate fraud in foreign oil field projects, South
Korea's Yonhap News Agency reported.
The confiscation started in the morning
at the headquarters of the oil corporation because of embezzlement allegations,
said Choi Jae-gyeong, spokesman for the Supreme Prosecutors' Office.
The
company, which is based in Anyang, Gyeonggi Province, was accused of taking
rebates from their foreign oil field development projects, which allegedly fell
into the hands of senior executives, prosecutors said.
The prosecution's
search and confiscated piles of documents and computer files from the company's
foreign oil and financial departments in the raid.
The probe was part of a
broader investigation by the prosecution into around 20 state-run firms and
organizations over their alleged misuse of state funds and other
corruption.
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