Hyosung president summoned over suspected overseas asset purchase

SEOUL, Dec. 28 (Yonhap) -- The president of South Korea's Hyosung Group has been
summoned as part of a probe into suspicious purchases of overseas real estate by
the conglomerate's family members, the prosecution said Monday.
Over the past months, prosecutors have been investigating allegations that they
might have used company funds to purchase four luxury villas in the United
States, including one worth US$4.8 million. Hyosung denied any wrongdoing.
The prosecution said they are currently grilling Cho Hyun-joon, the eldest son of
Hyosung Group Chairman Cho Suck-rai, over how the high-priced purchases were
financed.
Hyosung Group is one of the nation's mid-sized conglomerates.
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