'Yu Byeong-eon Associate' Kim Hye-kyung Wins Again in 2nd Trial Over Gift Tax Cancellation Lawsuit

Seoul Court Complex exterior / Photo by Moon Honam munonam@

[Asia Economy Reporter Seongpil Cho] Kim Hye-kyung, former CEO of Korea Pharmaceutical, who was suspected of receiving an inheritance from the late Yoo Byung-eon, former chairman of the Semo Group, and was imposed with tens of billions of won in gift tax, won the lawsuit to cancel it in the second trial following the first trial.

The Administrative Division 3 of the Seoul High Court (Chief Judge Sang-joo Lee) ruled in favor of the plaintiff, Kim, in the lawsuit filed against Banpo Tax Office to cancel the gift tax imposition on the 3rd, consistent with the original judgment. Banpo Tax Office appealed after the first trial, where it was judged that the evidence submitted by the tax office alone was insufficient to prove a special relationship between the deceased and Kim, but the appellate court dismissed the appeal.

Previously, the tax authorities investigated the source of Kim's funds in 2014 and reported that Kim received stocks and real estate acquisition funds as gifts from former chairman Yoo, imposing about 6.5 billion won in gift tax and additional tax.

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