Prosecutors Indict Corindo Group Chairman Seung Eun-ho for Tax Evasion Amounting to 60 Billion Won

Seoul Seocho-gu Seoul Central District Prosecutors' Office [Image source=Yonhap News]

[Asia Economy Reporter Seongpil Cho] Seung Eun-ho, chairman of the Indonesian Korean business group Korindo Group, has been indicted on charges of tax evasion involving hundreds of billions of won.

The 13th Criminal Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Seo Jeong-min) announced on the 25th that Chairman Seung was indicted without detention on charges of tax evasion amounting to 60 billion won. It was found that Chairman Seung evaded 23.6 billion won in capital gains tax by trading company shares through several paper companies in tax havens, and also evaded approximately 34.05 billion won in comprehensive income tax on overseas interest income, earned income, and domestic dividend income. He is also accused of evading 4.9 billion won in gift tax by using paper companies to gift capital for establishing overseas corporations to his sons.

The Seoul Regional Tax Office reported Chairman Seung to the prosecution in April 2014. However, since Chairman Seung had left the country at that time, the case was put on hold in a suspended prosecution status. The investigation resumed last October when Chairman Seung returned to Korea, leading to the indictment on this day.

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