Samsung Securities office raided

Prosecutors raided Samsung Securities, a key financial arm of Samsung, on Friday, to find traces of a slush fund as they expanded their investigation into a widening corruption scandal at the largest South Korean conglomerate.Armed with a court-issued warrant, 40 prosecution officials ransacked the brokerage firm’s headquarters in downtown Seoul for eight hours, questioning its president, Bae Ho Won, and 13 other executives, company officials said.

They took away eight boxes of documents, hoping to find evidence that Samsung operated secret funds with many millions of dollars disguised as stock investments and used the money for bribery. Samsung has denied any wrongdoing.

Separately, a team of 20 investigators searched two computer centers in the Seoul suburbs, where data for Samsung Securities were stored. (story)

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