Prosecutors Seizure Securities Company Executives for 'Real Estate PF Loan Corruption'

Prosecutors have launched a raid on a securities company executive accused of arranging billions of private financial loans related to real estate PF.

The Seoul Central District Prosecutors' Office said it conducted raids on three places, including the home of A, a former team leader of Korea Investment & Securities Co., and the headquarters of Yeouido, who is suspected of arranging private finance.

Mr. A is accused of arranging billions of private financial loans and pocketing high interest when he was the team leader in charge of Hantu PF.

Earlier, the Financial Supervisory Service asked the prosecution to investigate executives and employees of securities companies after announcing the results of the prosecution's investigation into illegal activities at securities companies last year.

Since then, the prosecution handed over three executives and employees, including the former head of Korea Asset Trust, to trial in December last year on charges of giving work to a sales agency and collecting more than 300 million won in bribes.