Hyosung Group chairman Cho Suck-rai has been hospitalized for deteriorating health amid an ongoing investigation into the company for allegations of fraudulent accounting and tax evasion.

The 78-year-old chairman was hospitalized at Seoul National University Hospital late last month due to high blood pressure and arrhythmia, according to group officials on Thursday.

“The burden of the intense prosecutorial probe seems to have added to his decades-long chronic disease,” an official said.

The conglomerate is currently under prosecutorial investigation for allegations that its executive set up a secret fund through fraudulent accounting and borrowed name accounts.

Hyosung officials, however, have so far fully denied the charges.

(tellme@heraldcorp.com)