Prosecutors have sought an arrest warrant for Korean Air and Hanjin Group Chairman Cho Yang-ho who is facing allegations of tax evasion and embezzlement.

The Seoul Southern District Prosecutors' Office announced on Monday that it requested the warrant for Cho on charges of embezzlement and violating laws on international taxes and pharmaceutical affairs.

The prosecution had grilled Cho on allegations that he and his siblings failed to pay over 50 billion won in inheritance tax in the process of obtaining their father’s assets abroad, including real estate in France.  

Cho and his family are also suspected of embezzling more than 20 billion won through illegal inter-affiliate deals as well as illegally operating a pharmacy under a borrowed name.

A court hearing on the arrest warrant will be held on Wednesday.