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Investigators raid SK offices over JP Morgan deal

Investigators raid SK offices over JP Morgan deal

(South Korea) - Korean investigators have raided the Seoul offices of the SK Group after allegations over a 1999 deal with US investment bank JP Morgan. Prosecutors spend six hours at SK Offices on Monday, surprising group executives.

An SK spokesman confirmed the investigation was linked to a 1999 stock trading deal with JP Morgan.

State-run Korean radio has reported that SK sold a stake in its securities affiliate, SK Securities, in 1999 for US$30.5 million, and let its trading arm buy it back for more than US$100 million.

SK officials have been banned from travelling abroad until the investigation is complete.
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