April 19, 2024

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[THE INVESTOR] Hyosung Group President Cho Hyun-joon and Byucksan Engineering Chairman Kim Higgin were named and shamed by the National Tax Service on Dec. 8 for failing to diclose their multibillion won overseas bank accounts.

According to the NTS, Cho did not report a 6.47 billion won (US$5.41 million) overseas account to the tax authorities in 2013. 

Hyosung Group President Cho Hyun-joon

On the other hand, Byucksan Engineering Chairman Kim Higgin was found to have failed to report about 5.27 billion won and 11.95 billion won in overseas accounts, respectively, in 2013 and 2014.

Cho and Kim were included in the list of tax evaders and those who violated regulations regarding overseas bank accounts. Under local regulations, names of individuals who do not report overseas accounts on time and those who underreport the overseas accounts are disclosed to the public. The regulation regarding underreporting is applied to accounts holding 5 billion won or more.

The NTS said that it plans to file criminal charges and levy fines on those who fall within the two categories in the future. Those found guilty can receive up to 2 years imprisonment or fined 10 percent of the amount concerned.

The list also includes 33 individuals found guilty of evading more than 500 million won in taxes.

By Choi He-suk (cheesuk@heraldcorp.com)