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POSCO E&C, a construction arm of Korea’s largest steelmaker POSCO, will be investigated for the alleged creation of slush funds reported by a local daily on Thursday.

The Segye Ilbo broke the news that several POSCO E&C executives were found to have created tens of million dollars of slush funds and embezzled a portion of them by their company’s internal audit team, a local daily reported Thursday.

Prime Minister Lee Wan-gu told lawmakers during a parliamentary session that he had instructed investigative authorities to launch a probe into the alleged corruption of the POSCO subsidy.

“If the report is true, I believe it is telling us how seriously corrupt our society is,” he said. “If anyone is found to have been involved in embezzlement or violated the law, we will sternly deal with them in according to the law.”

Sources say that two executives of POSCO E&C in responsible for construction projects in Southeast Asia created slush funds worth 10 billion won ($9.1 million).