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[Alpha Biz=(Chicago) Reporter Kim Jisun] Prosecutors investigating KT Group's Hyundai Motor Chairman Chung Eui-sun's acquisition of Dongseo have found circumstantial evidence that a large amount of money was delivered to the head of a Hyundai Motor affiliate during the sale.
According to the MBC, the Fair Trade Investigation Department at the Seoul Central District Prosecutors' Office raided Hyundai AutoEver headquarters after finding allegations that former CEO Park handed over tens of millions of won in bribes to Hyundai AutoEver CEO Seo Jung-sik when KT Cloud took over former CEO Park Sung-bin's Spark & Associates in September last year.
Prosecutors believe Park, who is about to sell his/her stake, gave nearly 100 million won to Hyundai AutoEver, which relied on 99 percent of its sales, asking KT to continue to sell the company.
Prosecutors suspect the Fair Trade Commission pushed for the sale of Dongseo Company, believing it could point out that Hyundai Motor Group had given work to the head's Dongseo company in May 2021 when the Fair Trade Commission changed the head of Hyundai Motor from former chairman Chung Mong-koo to his son Chung Eui-sun.
The prosecution suspects that Yoon, a former executive at both Hyundai Motor and KT groups, played a key role in the sale of Spark.
The prosecution plans to call in former Hyundai Autoever CEO Seo Jung-sik to investigate allegations that he received tens of millions of won.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
