April 20, 2024

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[THE INVESTOR] Police said on April 25 they raided the headquarters of Hyundai Engineering & Construction in an investigation into allegations that the company offered bribes to owners of properties for which it had bid to gain the sole rights for housing reconstruction.

The white-collar unit of the Seoul Metropolitan Police Agency sent 37 officers to the company’s main office in Jongno, central Seoul, to obtain evidence.

Police have been investigating the country’s major builder based on intel that the firm gave out illegal gifts and cash last year to the owners of properties in an apartment complex subject to redevelopment in the affluent Gangnam district in southern Seoul.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)