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TCC: Hyundai HQ Raided

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South Korean prosecution investigators Sunday stormed the headquarters of Hyundai-Kia Motor Group in an expanding corruption probe into a local business lobbyist. Local media said the investigators seized about 100 boxes of data from the headquarters in southern Seoul after hours of searching.

The seizure came after the arrest of Kim Jae-Rok, a 49-year-old business consultant, Friday for allegedly bribing politicians and others while negotiating mergers and acquisitions of South Korea's companies.

Kim is reportedly had taken "billions of won" from a Hyundai Motor affiliate called Glovis to lobby government officials over the Hyundai Motor's merger of Kia Motors.

Because of the news, share prices of Hyundai Motor and Kia Motors fell sharply Monday. -Peter Chang

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