SEOUL (Reuters) -South Korean prosecutors said on Wednesday they were raiding the offices of Korea Zinc as part of an investigation into the company’s new share issue plan.
Investigators were sent to the company’s headquarters on Wednesday morning to collect evidence, the Yonhap News Agency reported, with 11 places being raided including the residence and offices of executives.
Earlier this year, local media reported that regulators had asked prosecutors to investigate Korea Zinc over allegations that its now scrapped plan to issue new shares involved unfair practices.
In November, the chairman of Korea Zinc’s board Yun B. Choi dropped a plan to issue new shares worth $1.8 billion that had sparked an investigation by the financial watchdog and a share sell-off.
(Reporting by Hyunsu YimEditing by Ed Davies)
