Police searched former Taekwang Group Chairman Lee Ho-jin’s home and the company’s affiliated companies over allegations against Lee of embezzlement and breach of trust on Tuesday. Investigators from the Seoul Metropolitan Police Agency searched Lee’s home, as well as Taekwang Group's office in the Heungkuk Life Insurance Building in Gwanghwamun, central Seoul, and Taekwang Country Club in Yong.
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Taekwang Group is facing questions about its plan to invest a combined 12 trillion won ($9 billion) in its manufacturing and financial services affiliates over the next 10 years and hire 7,000 employees by 2032. The large-scale investment plan was announced abruptly on Monday, as Korea s other companies are scaling down their operations to brace for a looming economic recession.
Taekwang Industrial s recent surrender to Truston Asset Management, which had urged it not to finance its cash-strapped co-affiliate Heungkuk Life Insurance, led market observers to pay attention to how KT&G will respond to Flashlight Capital Partners (FCP) and Anda Asset Management, both of which have requested spinning off Korea Ginseng Corp (KGC).