ICIJ "Son Jeong-ui, Tax Evasion Suspicion"... SoftBank "Not Tax Evasion"

[Asia Economy Reporter Minji Lee] The International Consortium of Investigative Journalists (ICIJ) revealed on the 4th that the 'Pandora Papers,' a tax evasion scandal, included information related to Masayoshi Son, chairman of Japan's SoftBank Group.

According to major Japanese media, Chairman Son established a subsidiary of an investment-related company he led in Tokyo in the Cayman Islands, a British Overseas Territory, in 2009. The Pandora Papers indicate that this entity purchased a small business jet around 2014.

Subsequently, ownership of the jet was transferred to a U.S. trust company, but it is reported that Chairman Son paid for and used the jet through a lease agreement. In response, SoftBank explained, "This was appropriately handled by multiple experts in legal, accounting, and tax matters involved in Chairman Son's personal activities."

Regarding the subsidiary, SoftBank also stated, "It is a subsidiary of a Japanese corporation, and since its income is consolidated with the parent company, it does not constitute tax evasion," adding, "(Regarding the purchase of the jet) it was judged that the Cayman Islands were convenient for financing and other procedures."

On the same day, ICIJ announced that after reviewing approximately 12 million files obtained from 14 companies worldwide, suspicions have been raised that hundreds of leaders, powerful politicians, billionaires, famous celebrities, and religious leaders have made 'secret investments' in mansions, private beachfront properties, yachts, and other assets over the past 25 years.

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