A&P raided on embezzlement fears

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A&P raided on embezzlement fears

The Seoul Central District Prosecutors’ Office yesterday raided the office of Korea’s largest private loan company on allegations of misappropriation by one of its executives.

Dozens of prosecutors searched the headquarters of A&P Financial and three related companies, and seized computer hard disks and accounting records. A&P Financial is better known for its brand name, Rush N Cash.

Prosecutors suspect an executive at A&P Financial embezzled 4 billion won ($3.6 million) when it took over a rival loan company last June and another 56 billion won when A&P bought a credit financing company last November by inflating the companies’ values. The investigators will look into whether other members of the A&P’s management were involved.

A&P Financial turned in 119.4 billion won in profits and loaned 1.3 trillion won last year, up 20 percent and 33 percent, respectively, from 2008.

A company official said A&P has been investigated before, “but in each case, we were proved innocent. It will be the same story this time. We will cooperate with prosecutors and clarify everything.”

By Yoo Jee-ho [jeeho@joongang.co.kr]
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