The chairman of a South Korean textile giant will be questioned by prosecutors on suspicions he created a multi million dollar slush fund and committing various other malpractices.

The Seoul Central District Prosecutors' Office said Monday that it has summoned Hyosung Group Chairman Cho Hyun-joon for a questioning session on Wednesday.

Cho is alleged to have set up a secret fund of about ten billion won through a paper company run by an associate called Hong from 2010 to 2015, transferring money through Hyosung Group's construction department.

He is the first business mogul to be investigated by prosecutors since President Moon Jae-in took office.