Prosecution raids Shinhan Bank over CJ Group's slush fund probe
May 29, 2013
Prosecutors on Wednesday raided the headquarters of Shinhan Bank as part of an investigation into allegations that CJ Group, a food and entertainment conglomerate, managed a massive slush fund overseas and evaded taxes.The prosecution has been looking into the origin and use of 24 billion won (US$21 million) that the Tokyo branch of Shinhan Bank, South Korea's No. 3 lender, loaned to CJ Group's overseas corporate body.A team of investigators and prosecutors of the Seoul Central District Prosecut