Samsung chairman is under investigation for dodging tax on $4.2 billion

The Jolt Journal (https://www.joltjournal.com)

Authorities in Korea are continuing their investigation into the Samsung empire. This time, they’re investigating Samsung’s Chairman Lee Kun-hee, who is alleged to use some schemes to try and avoid taxation. Kun-hee allegedly used accounts opened under borrowed names to withdraw money from the company accounts and not have to pay taxes.

The accounts have been used to illegally transfer of wealth from Lee’s, Lee Byung-chull, who is the founder of Samsung, and the amount totaled to $4.2 billion. The Korea Herald said that authorities are wanting tax the money that was illegally drawn from company accounts. Referring to the country’s Act on Real Name Financial Transactions and Confidentiality, interests and dividends income obtained from borrowed names is subject to taxation up to 90%.

It’s worth mentioning that investigation into Lee’s assets isn’t really new, but politicians have revived the efforts. A counsel previously started the investigation into the Chairman’s practices back in 2008, and discovered more than 1,000 accounts used for wealth transfer purposes.

The Herald says that the country’s ruling party is considering taking legal action against the Lee’s family if the tax agency doesn’t fine them enough. Democratic Part of Korea has urged the tax office to fully disclose the exact amount that that is due to be taxed.

This is one of the latest scandals involving the Lee family. They turned Samsung into the monster it is today, but there’s also been a lot of legal setback due to shady practices. Previously, Lee’s son was convicted to service five years in prison after being found guilty of corruption in a massive scandal.

Hamza Khalid

Hamza Khalid is the Lead Editor at The Jolt Journal. You're more than welcome to follow him on Twitter and follow The Jolt Journal on Twitter and Facebook. If you have any questions, concerns, or need to report something in this article, please send our team an email at [email protected]. This story may be updated at any time if new information surfaces.

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