Customs officials raid Korean Air over FX transactions
[THE INVESTOR] Korea’s customs authorities said its officials raided the headquarters of Korean Air on May 16 over allegations it violated foreign exchange laws in a widening probe into the chairman’s family.
The Korea Customs Service said some 40 officials have been dispatched to the main office of the country’s flagship carrier in western Seoul over suspicions the company violated the Foreign Exchange Transactions Act.
The customs office has been looking into allegations Chairman Cho Yang-ho’s family smuggled luxury goods into the country without paying due taxes.
The Cho family is under a series of investigations after the chairman’s youngest daughter, Cho Hyun-min, a former executive of Korean Air, was accused of allegedly assaulting ad agency officials.
By Song Seung-hyun and newswires (firstname.lastname@example.org)