CAN YOU SAY CORRUPTION–IS IT RAMPANT EVERY WHERE–EVEN IN KOREA–AS THE SEWOL INVESTIGATION EXPANDS–GREED IS PREVALENT NO DOUBT

Along with the investigation into the sinking, that into Yoo Byung-eon, the Sewol’s de facto owner, continued to develop rapidly with Incheon prosecutors raiding more locations linked to him Friday, as they sought to uncover wrongdoings committed by him and his family.

The growing list of allegations against the Yoos includes tax evasion, illegal real estate transactions and violating foreign exchange laws when transferring large sums out of the country.

In addition, the investigators are said to be planning to charge Yoo with manslaughter, after finding evidence that he was directly involved in running the Sewol’s operator, Chonghaejin Marine Co.
Locations raided on Friday include Moreal Design, an interior design firm, and a consulting firm owned by the Yoos.

Moreal Design, headed by Yoo’s daughter Yoo Sum-na, is suspected to have been involved in forming the family’s slush fund.
The Yoos are believed to have siphoned off billions of won, mainly through actions disguised as purchases of Yoo’s photographs.

As with Yoo’s second son Yoo Hyeok-gi, Sum-na has so far ignored the prosecution’s summons. The authorities are considering measures including revoking her passport and cooperating with foreign governments to secure her person.

Since the ferry sank off the country’s southwestern coast on April 16, Yoo, a former chairman of the defunct Semo Group, has been found to have control over a network of businesses. Most of the businesses, operated by Yoo’s closest associates and his children, are thought to be involved in criminal activities allegedly carried out by the Yoos.

http://www.koreaherald.com/view.php?ud=20140509001257