Hyosung's Cho Seok-rae and Cho Hyun-joon Win Appeal in 20 Billion KRW Tax Lawsuit Case

Cho Hyun-joon, Chairman of Hyosung Group

[Asia Economy Reporter Seongpil Jo] Cho Seok-rae, Honorary Chairman of Hyosung Group, and Cho Hyun-joon, Chairman of Hyosung Group, won the appeal trial following the first trial in a lawsuit to cancel tax assessments worth 20 billion KRW against the tax authorities.

According to the legal community on the 28th, the Seoul High Court Criminal Division 8-2 (Presiding Judge Shin Jong-oh) ruled partially in favor of the plaintiffs, the Cho honorary chairman and his son, in the lawsuit against the Seongbuk Tax Office Chief to cancel gift tax and capital gains tax, maintaining the original judgment. The first trial ordered "the cancellation of a total of approximately 21.17 billion KRW in gift tax and capital gains tax," and this judgment was upheld. The total tax imposed on the father and son was approximately 21.71 billion KRW.

Previously, the National Tax Service reported in September 2013 that Honorary Chairman Cho and others evaded gift tax and capital gains tax during the acquisition and sale of stocks through a Hong Kong Special Purpose Company (SPC) account and imposed taxes. 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.

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