Chairman Jeon In-jang of Samyang Foods Sentenced to Prison with Probation for Issuing False Tax Invoices
Chairman Jeon In-jang of Samyang Foods (left) and his wife, President Kim Jeong-su, who were sentenced to prison for embezzling 5 billion won of company funds
View original image[Asia Economy Reporter Song Seung-yoon] Jeon In-jang, chairman of Samyang Foods, who was indicted for issuing false tax invoices worth hundreds of billions of won, was sentenced to a suspended prison term in the first trial. Jeon is currently imprisoned after the Supreme Court confirmed a three-year prison sentence in January for embezzling 4.9 billion won of company funds.
On the 21st, Judge Ma Seong-young of the 11th Criminal Division at the Seoul Northern District Court sentenced Jeon, who was indicted for violating the Act on the Aggravated Punishment of Specific Crimes (issuance of false tax invoices) and the Tax Offense Punishment Act, to three years in prison with a five-year suspension and a fine of 19.1 billion won. Samyang Foods and its three affiliates, also indicted, were each fined 10 million won.
Jeon was prosecuted for issuing false tax invoices worth 53.8 billion won through two paper companies from 2010 to 2017. According to the prosecution, Samyang Foods received false tax invoices from the two paper companies and fabricated the appearance of receiving goods from them.
The court stated, "It is evident that the paper companies were operated for criminal purposes, and despite knowing that no actual goods transactions occurred, there was intent to issue tax invoices. The issuance of tax invoices for embezzlement purposes and the resulting profit motive are clearly recognized," thus finding Jeon guilty.
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The court explained the sentencing by saying, "However, it does not appear that the defendant had the purpose of tax evasion, and considering that he has already been sentenced to three years in prison for embezzlement in the same process, which has been confirmed, and that he has no prior similar offenses." Previously, Jeon was first indicted for embezzling about 4.9 billion won through paper companies and was sentenced to three years in prison by the Supreme Court in January, confirming the sentence.
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