Participation Solidarity Submits Request for Tax Evasion Investigation of Democratic Party Lawmaker Lee Sang-jik
Lee Sang-jik, a member of the Democratic Party of Korea, who is facing criticism amid various allegations related to Eastar Jet, including wage arrears issues, is absent from the National Assembly plenary session on the 29th. Photo by Yoon Dong-joo doso7@
View original image[Asia Economy Reporter Park Cheol-eung] On the 2nd, the People's Solidarity for Participatory Democracy announced that it submitted a request for a tax evasion investigation to the National Tax Service regarding Lee Sang-jik, a member of the Democratic Party and former chairman of Eastar Jet. It was reported through the media that Lee is suspected of evading taxes during the process of gifting Eastar Jet shares to his unemployed children through a paper company called Eastar Holdings.
The People's Solidarity for Participatory Democracy stated, "Specifically, there are suspicions of gifting through stock sales at low prices to realize capital gains and gifting through repayment of approximately 9.2 billion KRW in stock purchase loans under the name of advance payments," adding, "On June 29, Lee declared that 'the family will donate all Eastar Jet shares they hold to the company,' but he has not made any statement regarding the tax evasion allegations."
The organization also claimed, "Lee's side stated that Eastar Holdings, with a capital of only 30 million KRW, was able to purchase Eastar Jet shares for 10 billion KRW through private equity fund investments, but since the actual owner of the fund has not been revealed, suspicions are further amplified."
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They continued, "Amid the difficult business environment faced by low-cost carriers (LCCs) due to the impact of COVID-19 and other factors, wage arrears of about 25 billion KRW to Eastar Jet workers have occurred since February. It is necessary to clearly clarify the tax evasion allegations related to Eastar Jet, hold the major shareholder accountable for management mistakes, and promptly resolve the wage arrears issue for the workers," they emphasized.
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