Prosecution raids Dongkuk Steel over embezzlement allegation

Prosecution raids Dongkuk Steel over embezzlement allegation Prosecutors raided the office of Dongkuk Steel Mill Co., a South Korean steel maker, on Saturday to look into alleged embezzlement and tax evasion, authorities said.

Dongkuk Steel is suspected of stashing about 10 billion won (US$90.3 million) in illegal funds in U.S. accounts while in the process of purchasing raw materials and avoiding paying taxes, according to the Seoul Central District Prosecutors' Office.

Investigators raided Dongkuk Steel's headquarters in central Seoul in the latest probe into local companies, including top steelmaker POSCO and other firms involved in overseas resource development projects pushed by the former Lee Myung-bak administration. (Yonhap)