Transportation

South Korea police raid Korean Air headquarters in embezzlement probe

Share
Key Points
  • South Korean police raided the headquarters of Korean Air Lines on Friday as part of an investigation into embezzlement and breach of trust, a police official said
Korean Air Lines Co. Boeing Co. freighters
SeongJoon Cho | Bloomberg | Getty Images

South Korean police said on Friday it raided the headquarters of Korean Air Lines Co. Ltd. as part of an investigation into embezzlement and breach of trust.

A police official said it was a probe into allegations that company funds were used to pay for construction work at the home of Korean Air Chairman Cho Yang-ho. But he added that the investigation has not yet determined who the suspects were.

A Korean Air spokesman declined to comment. The firm's shares extended losses on the news to be down 3 percent as of 0524 GMT.