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[Alpha Biz=(Chicago) Reporter Paul Lee] Prosecutors investigating allegations that KT Group bought a stake in Hyundai Motor affiliates at a high price, have summoned Park Sung-bin, former head of Spark and Associates (currently Open Cloud Lab), on the 23rd. Former CEO Park is the east-west of Hyundai Motor Group Chairman Chung Eui-sun.
The Fair Trade Investigation Department (Chief Prosecutor Yong Sung-jin) at the Seoul Central District Prosecutors' Office called in Park as a suspect earlier in the day for questioning.
KT Cloud, a subsidiary of KT, is suspected of buying a stake in Spark and Associates, a company founded by former CEO Park in 2022, at a higher price than the normal price.
At that time, KT Cloud purchased a 100% stake in Spark and Associates for 20.68 billion won, incorporated it as a subsidiary, and changed its name to Open Cloud Lab.
Suspicions have been raised that KT may have bought Spark and Associates as an investment in Hyundai Motor's purchase of a stake in "Airplug," a company established by the twin brother of former KT CEO Koo Hyun-mo, twice in 2019 and 2021.
The prosecution is reportedly questioning former CEO Park about how KT Cloud, a subsidiary of KT, acquired the Spark and Associates stake higher than its actual value.
Prosecutors earlier raided the residence of former KT President Yoon Kyung-rim, KT headquarters and KT Cloud, the open cloud lab and the residence of those involved in August last year, and seized related data in four locations, including the CEO of Hyundai AutoEver at the time and the residence of Spark & Associates officials in November last year.
In December last year, the company raided three locations - Hyundai Autoever headquarters, cloud operation center and Samseong-dong office - and summoned former CEO Seo for questioning. On the 9th, Yoon Dong-sik, CEO of KT Cloud, was summoned for investigation.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
