SEOUL, July 7 (Xinhua) -- South Korean police on Friday raided the headquarters of Korean Air Lines, the countrys biggest airline, on suspicion of embezzlement and breach of duty.
According to local media reports, police investigators stormed the Korean Airs headquarters in western Seoul earlier in the day to confiscate contract and materials relevant to construction work for the home of Korean Air Chairman Cho Yang-ho.
It was alleged that a significant amount of costs for interior construction of the chairmans home was paid with the airlines funds from May 2013 to August 2014.
How much company money was misappropriated and who the suspects were had yet to be determined.
Korean Air shares declined over 2.5 percent on news that its headquarters were raided.
