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State prosecutors on Tuesday raided the home and office of a former head of the Korea Development Bank, as part of their probe into a high-profile corruption case involving a local shipbuilder.
During the raid, the prosecutors confiscated computer hard discs, documents and other materials to find out if Kang Man-soo, who served as KDB chairman from 2011 to 2013, was linked to any corrupt activities at Daewoo Shipbuilding & Marine Engineering Co.
The Board of Audit and Inspection, the country's state auditor, has said the shipyard is suspected of rigging its books to hide up to 1.5 trillion won ($1.35 billion) in losses between 2013 and 2014.
The shipyard, along with two other major South Korean shipbuilders, is currently undergoing self-created debt-restructuring plans in the face of a decrease in new orders caused by the protracted global economic slump.(Yonhap)
