'4.9 Billion Embezzlement' Jeon In-jang, Samyang Foods Chairman, Additional Indicted for 'False Tax Invoice'

[Asia Economy Reporter Kim Bong-gi] Jeon In-jang, chairman of Samyang Foods, who was sentenced to prison for embezzling company funds, has been additionally indicted on charges of creating false tax invoices worth hundreds of billions of won.

According to the legal community on the 22nd, the Criminal Division 5 of the Seoul Northern District Prosecutors' Office (Chief Prosecutor Cheon Gwan-young) indicted Chairman Jeon last month on charges of violating the Act on the Aggravated Punishment of Specific Crimes (issuance of false tax invoices, etc.) and the Tax Offenses Punishment Act.

Chairman Jeon was previously sentenced to three years in prison for embezzling about 4.9 billion won by fabricating that some of the packaging boxes and food materials supplied to Samyang Foods from its affiliates between 2008 and 2017 were actually supplied by a paper company (embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes). Tax authorities detected circumstances indicating that Chairman Jeon committed crimes such as issuing false tax invoices through the paper company during the process of embezzling company funds and reported him to the prosecution.

According to the indictment, Chairman Jeon is accused of issuing false invoices and false tax invoices worth 53.8 billion won through two paper companies between 2010 and 2017.

Samyang Foods is under investigation for having received false invoices and tax invoices worth a total of about 53.3 billion won in 321 cases from the two paper companies during the same period, pretending as if goods were supplied from the paper companies.

The prosecution also indicted Samyang Foods and the suppliers involved in Chairman Jeon's crimes last month on charges of violating the Tax Offenses Punishment Act.

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