Prosecutors raid Tong Yang Group over allegations of fraud
Moving now to the ongoing crackdown on one of the country's largest conglomerates
Prosecutors raided the affiliates of debt-ridden Tong Yang Group and the homes of its chairman and board members on Tuesday.
Tong Yang is being probed over allegations it issued a massive number of fraudulent commercial papers and corporate bonds to investors, despite its financial difficulties.
Three of the affiliates filed for court receivership at the end of last month.
Prosecutors say they will analyze the seized documents and summon Tong Yang Group officials and executives for questioning.
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