Prosecutors said Wednesday they have sought a warrant to arrest a former tax official over graft allegations as part of an investigation into financial irregularities involving suspended savings banks.

The former official who is only identified by his surname Nam is suspected of receiving 100 million won (US$85,689) from Solomon Savings Bank between late 2009 and early 2010, when he was serving at the National Tax Service, in connection with a tax probe into the savings bank. The warrant was sought late on Tuesday.

Solomon was ordered to suspend its operation on May 6 after it failed to meet regulations over its financial strength.

Solomon's chief executive Lim Suk was arrested on May 15 for allegedly embezzling bank funds and issuing illegal loans.

(Yonhap)