Prosecutors on Tuesday raided one of South Korea's food and entertainment conglomerates as part of an investigation into allegations that the company managed a massive slush fund abroad.
Prosecutors have been looking into suspicions that the CJ Group had set aside a large sum of the fund worth tens of billions of won and brought it into the country.
A team of investigators from the Seoul Central District Prosecutor's Office seized computer hard discs and relevant documents in the raid at the group's headquarters, other offices and houses of several executives, South Korea's Yonhap news agency reported citing officials.
The group is suspected of creating the slush fund through bogus deals by issuing forged invoices from overseas branches. The probe comes after the financial intelligence unit under the Finance Ministry detected a suspicious money flow and notified the prosecution for further investigation, the report said.
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Political News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.