Tong Yang Group chief summoned over alleged financial fraud
Social affairsDec 16, 2013
The head of Tong Yang Group was called in by prosecutors Monday over suspicions that the financially troubled group fraudulently issued commercial papers, inflicting heavy losses on retail investors.Hyun Jae-hyun appeared at the Seoul Central District Prosecutors' Office in southern Seoul around 9:40 a.m. to undergo questioning.The 64-year-old chairman is accused of issuing some 160 billion won ($150 million) worth of asset-backed commercial papers, a type of short-term debt, in July and Septemb