KNOC President Under Travel Ban

The Central Investigation Department of the Supreme Public Prosecutor`s Office investigating an embezzlement case by some employees of the Korea National Oil Corporation yesterday swooped down on the corporation’s headquarters in Anyang, Gyeonggi Province.

This is the first time in two years that the Central Investigation Department launched an investigation since the Loan Star probe in 2006. It is expected for the prosecution to probe into a score of public corporations in earnest sooner or later.

About a dozen investigators seized numerous documents and computer data with regard to planning and implementing resource development and related overseas projects at the headquarters.

Prosecutor Choi Jae-kyung said, “Concerning the government’s resource development business, the prosecution focuses on the suspicion that the budget was embezzled by some KNOC employees.” He added, “In particular, we will look into a possible connection between this case and deeply rooted structural problems.”

The prosecution is known to have found irregularities committed by KNOC President Hwang Du-yeol and put a travel ban on him.

Meanwhile, the Seoul Central District Prosecutors’ Office probing into an alleged bribery case involving an executive of Korea Asset Management Corporation grilled Wednesday Do Gyu-yeong, 47, who runs leisure sport complex Tigerworld in Bucheon, Gyeonggi Province.

Do is believed to have reaped enormous amounts of profit by purchasing stocks of Company A, originally owned by KAMCO, and sold them at a much higher price in 2005. Prosecutors are investigating whether he bribed some of the KAMCO executives to purchase stocks.

The prosecution also searched the headquarters of the Korea Exchange in Busan and took over its computer data for two days in a row yesterday.