Hyosung's Cho Seok-rae and Cho Hyun-joon Win Tax Lawsuit Worth 20 Billion Won

Honorary Chairman Cho Seok-rae of Hyosung Group (left) and Chairman Cho Hyun-joon.

[Asia Economy Reporter Choi Seok-jin] Honorary Chairman Cho Seok-rae and Chairman Cho Hyun-joon of Hyosung Group won a lawsuit to cancel a tax assessment worth 20 billion won against the tax authorities.

The Administrative Division 2 of the Seoul Administrative Court (Chief Judge Lee Jeong-min) ruled on the 13th in favor of the plaintiffs in part, ordering the cancellation of gift tax and capital gains tax totaling approximately 21.17 billion won in a lawsuit filed by Honorary Chairman Cho and Chairman Cho against the Seongbuk Tax Office chief.

Considering that the total tax imposed on the father and son in this case was about 21.71 billion won, the court can be seen as having judged that most of the imposed taxes should be canceled.

Earlier, in September 2013, the National Tax Service imposed taxes, alleging that Honorary Chairman Cho and others evaded gift tax and capital gains tax in the process of acquiring and selling stocks through a Hong Kong Special Purpose Company (SPC) account.

The following year, the prosecution also indicted the two under the Act on the Aggravated Punishment of Specific Crimes for tax evasion charges, but the Supreme Court confirmed their acquittal.

The court judged that there was no evidence of illegal income concealment.

This content was produced with the assistance of AI translation services.