April 26, 2024

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[THE INVESTOR] Samsung C&T on May 31 denied allegations that it paid for Samsung Electronics Chairman Lee Kun-hee’s residence renovations.

It follows a Hankyeoreh report claiming that a firm that has done home designs for a number of business tycoons including Lee is under police investigation for tax evasion during which the police was informed that Samsung C&T made payments. 

Samsung Electronics Chairman Lee Kun-hee`s residence in Hannam-dong, central Seoul

Local media reports said that Lee’s residence underwent a series of renovations including landscaping for a garden and revamping accommodation for staff, costing over 10 billion won (US$8.92 million). 

The company stated that after receiving orders, if necessary a contractor is hired. 

It also explained that an employee of S1 (then Everland) oversaw the home design and paid by check from the chairman’s personal account. 

By Hwang You-mee (glamazon@heraldcorp.com)