[Alpha Biz=(Chicago) Reporter Kim Jisun] Prosecutors have launched a forced investigation after finding circumstantial evidence that KT purchased a stake in Hyundai Motor's affiliates at a high price.

The Fair Trade Investigation Department (Senior Prosecutor Lee Jung-sup) at the Seoul Central District Prosecutors' Office sent investigators to KT's headquarters, KT Cloud, its subsidiary Open Cloud Lab (former Spark & Associates, Spark) offices and related officials to secure related data on the 28th.

The prosecution suspects that KT Cloud committed breach of trust by paying more than billions of won higher than normal corporate value in the process of purchasing "Spark & Associates" established by Hyundai Motor Group Chairman Chung Eui-sun's sister-in-law last year.

Former KT CEO Koo Hyun-mo and former KT President Yoon Kyung-rim were reportedly involved in the decision at the time.

Hyundai Motor and KT have not expressed any position on the Alpha economy.

 

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