Prosecutors seek arrest warrant for Korean Air chairman Cho Yang-ho
Cho Yang-ho joins wife and two daughters who were questioned by authorities since April on a variety of charges including tax evasions, obstruction of business and violating an immigration law
South Korean prosecutors on Monday sought an arrest warrant for the chairman of Korean Air on charges that include alleged embezzlement and failing to report overseas assets.
Cho Yang-ho has been under investigation over suspicion that he dodged over 50 billion won (US$45 million) worth of inheritance taxes.
He has also been accused of embezzling about 20 billion won from company funds by unfairly awarding business contracts to companies controlled by his family.
Cho joins his wife and two daughters who were questioned by authorities since April on a variety of charges including tax evasions, obstruction of business and violating an immigration law.
Prosecutors believe the 69-year-old Cho failed to report to tax authorities his overseas financial accounts known to exceed 1 billion won.
But prosecutors left out a charge regarding unpaid inheritance tax for now, saying further investigation was needed.
