Hyundai Motor and affiliates raided by prosecutors on charge of illicit hiring

2018.07.05 15:09:17 | 2018.07.05 15:39:38

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South Korean prosecution raided the headquarters of Hyundai Motor Co., the country’s top automaker, on suspicion of illicit hiring of former government officials mostly from the antitrust agency.

The Seoul Central District Prosecutors’ Office said Thursday that it has seized related materials including documents of personnel affairs during the raid conducted to investigate the allegations of the company’s illegal hiring.

Prosecutors also searched Hyundai Motor Group’s other affiliates including Kia Motors, Hyundai Engineering & Construction and Hyundai Department Store, according to sources.

The current law prohibits retired high-ranking government officials above grade four from taking jobs related to their former work for three years after retirement. Previously, prosecutors raided the Fair Trade Commission to secure evidence on suspicion that Hyundai Motor affiliates illegally hired about five to six former FTC officials.

Prosecutors also raided affiliates of Shinsegae Group, Daelim Industrial and JW Holdings on the same charge. They will summon the related people for further investigation.

Hyundai Motor shares closed Thursday 1.67 percent higher at 121,500 won ($108.62).

By Song Gwang-sup and Choi Mira

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