SEOUL, KOREA - With the public prosecutor's office's investigation on CJ Group over a suspicion on overseas slush funds intensifying, the share prices of the group companies are taking quite a beating. As of 9:13 am on May 24, CJ Corp. is trading at 122,000 won, down 1.21 percent from the previous day's 123,500 won.
All other shares such as those of CJ CheilJedang (-0.53%), CJ CGV (-2.46%), CJ Seafood (-1.32%), CJ O Shopping (-0.41%), CJ FreshWay (-2.22%), and CJ HelloVision (-0.85%) fell on the same day. CJ Group has been under investigation for bringing several million dollars to Korea from US$7-million slush funds it had allegedly stashed away in an offshore account.
Separately Korea's National Tax Service set out its own investigation on CJ Foodville, a CJ Group company specializing in food franchises such as Tous Les Jours and VIPs with 2,000 locations in eight countries. The Seoul Central Public Prosecutor's Office has been investigating the group and the family of its owner and chairman Lee Jay-Hyun for creating the slush funds and evading taxes.
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