Prosecutors searching for former President Chun Doo-hwan’s hidden assets on Wednesday raided two savings banks that lent money to businesses owned by Chun’s family.

A group of investigators searched the two banks for six hours and seized documents and computer hard drives. Officials did not disclose the names of the banks. One of the two, however, is thought to have lent money to a real estate development firm owned by Chun’s second son Jae-yong. The firm is known to have borrowed about 30 billion won ($27 million) from nine savings banks for its development projects in Seosomun-dong, central Seoul.

“(The raid) was to secure evidence to learn what did the (banks) borrow money for and why,” an official said.

The former president and his family are suspected of hiding massive assets overseas under borrowed names and by other illegal means such as money laundering.

(christory@heraldcorp.com)