Police Do Not Prosecute Lee Jae-yong on Suspicion of 'Tax Haven Paper Company'

The reason for non-prosecution is "Insufficient Evidence"

[Image source=Yonhap News]

[Asia Economy Reporter Oh Gyumin] The police have decided not to indict Samsung Electronics Vice Chairman Lee Jae-yong, who was accused of establishing a paper company in a tax haven.

The Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency announced on the 3rd that it has decided not to indict Samsung Electronics Vice Chairman Lee Jae-yong, who was reported on charges including overseas property concealment under the Act on the Aggravated Punishment of Specific Economic Crimes (Special Act on Economic Crimes), tax evasion under the same law, and concealment of criminal proceeds.

The police requested international cooperation to obtain account information under the name of the paper companies in the UK and Switzerland, but were unable to secure the data due to reasons such as refusal to provide, and thus could not specify the exact criminal facts.

The Youth Justice Party, which reported the case, plans to file an objection to the police decision on the same day.

In October last year, Newstapa raised suspicions that Vice Chairman Lee established a paper company under a pseudonym in the British Virgin Islands, a tax haven, to open an account at a Swiss bank in 2008.

Accordingly, the Youth Justice Party filed a complaint against Vice Chairman Lee with the prosecution on October 15 last year.

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