TaxCorporate TaxSamsung boss in tax evasion charge

Samsung boss in tax evasion charge

Samsung chairman and nine other directors faces prosecution over $114m of taxes allegedly evaded

The chairman of South Korea’s largest conglomerate Samsung, Lee Kun-hee, has
been charged with tax evasion and breach of trust.

The move follows a three-month investigation into allegations of corruption
into the firm, the BBC
reported
.

Spanish newspaper
El
Pais
said the matter related to $114m worth of unpaid tax by Lee and nine
other directors.

In a strongly-worded statement, prosecutors said Samsung had a lot of
‘structural problems’, including ‘illicit transfer of management control’.

‘It is the hope of our investigation team that this probe would serve as an
opportunity for Samsung to shed these problems and be reborn as an undisputed
ultra first-class global company,’ it said.

A Samsung statement said: ‘Taking this investigation as a new starting point,
Samsung is preparing reform plans based on various sectors of our society.’

The electronics giant and ship builder accounts for nearly a fifth of all
South Korean exports employing 754,000 staff worldwide and enjoying annual
profits of more than $14bn (£7bn).

Further reading:

BBC news

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