Prosecutors raided the offices of LIG Group and its affiliate firms early Wednesday as part of an investigation into allegations that the group chief and his family members illegally issued multi-billion won of commercial papers last year.

Scores of prosecutors and investigators searched several offices of LIG Group, LIG Insurance Co. and LIG Engineering & Construction Co., as well as the residences of the group chief and his family members engaged in running the affiliates in Seoul earlier in the day to confiscate accounting books, computer hard disks and other relevant materials that would support the allegations.

In August last year, the Seoul Central District Prosecutors’ Office launched an investigation into suspicions that LIG Group chairman Koo Cha-won and his first son Bon-sang were involved in issuing some 24.2 billion won (US$21.6 million) of commercial papers between late February and early March in 2011 under the name of LIG E&C, which was on the verge of coming under court receivership. (Yonhap News)