A Seoul local court issued an arrest warrant for Hyundai Motor's Chairman Chung Mong-koo on Friday to investigate into Hyundai's bribery allegations.

"The suspect is denying most of the allegations and is feared to destroy evidence because those involved in the case are company officials," said Lee Jong-seok, a senior judge of the Seoul Central District Court.

The 68-year-old chairman was expected to be taken to the detention center of Seoul Corrections Bureau later Friday, the South Korea's Yonhap news quoted court officials as saying.

Chung is under suspicion of embezzled about 130 billion won ( 137.2 million U.S. dollars) to establish a slush fund for bribery and caused 390 billion won ( 412.6 million U.S. dollars) worth of damage to the company's interests.

The prosecutors have detained several top executives of Hyundai to probe the bribery scandal in April.

In last month, the prosecutors raided the offices of the Hyundai Motor and its affiliates to seize evidence that Hyundai Motor Group had created slush funds during the past several years.

Source: Xinhua