The Seoul Metropolitan Police Agency’s Financial Crimes Investigation Unit raided Polaris Shipping’s business planning office in Seoul earlier this week, according to local reports.
Investigators seized financial reports and hard disks.
As TradeWinds reported, the company has been put up for sale and has five major international shipping investors lined up as potential buyers.
According to the Yonhap News Agency the raid was part of an investigation by police into joint chief executives WJ Kim and HS Han over the transfer of KRW 50bn ($37.3m) of Polaris Shipping’s funds to holding company Polaris Energy & Marine.
The money was moved as loans and management rights, according to the reports.
The probe could lead to the two executives being summoned by the police, sources said.
It is not clear whether the ongoing investigation will impact the ongoing sales process.
Sellers were keen to conclude the deal by the end of this year.
Bidders line up
The bidders include China’s Cosco Shipping, Japan’s Mitsui OSK Lines, American multinational investment company BlackRock, South Korea’s Woori Private Equity Asset Management and state-owned ship finance fund Korea Ocean Business Corp.
The Polaris dry bulk fleet alone is valued at around $1.37bn. Its majority shareholder is Pola E&M.
Polaris has been approached for comment.
