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The Korea Herald
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THE INVESTOR
March 29, 2024

Samsung

FSC looking for ‘reasonable’ way to fine Samsung chairman

  • PUBLISHED :January 15, 2018 - 10:57
  • UPDATED :January 15, 2018 - 10:57
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[THE INVESTOR] Korea’s chief financial regulator said on Jan. 15 that efforts are being made to find a “reasonable” option to impose a fine on Lee Kun-hee, chairman of Samsung Electronics, who allegedly withdrew 4.4 trillion won (US$4.10 billion) from accounts under borrowed names.

Earlier, the Financial Services Commission asked the Ministry of Government Legislation to clarify whether it could levy a fine against Lee.

“We will find a reasonable way, taking into consideration other government agencies’ stances,” FSC Chairman Choi Jong-ku told reporters.

Lee has been criticized for withdrawing the money without paying taxes or a fine, although he allegedly violated a law that bans financial transactions with borrowed-name accounts.

The FSC said that Lee should pay taxes on the money, but it is difficult for the government to fine Lee under the current law.

A 1993 law requires Koreans to open bank or other financial accounts using their real names.

Authorities can levy taxes on 99 percent of interest and dividend income earned from “non real-name assets.”

By Alex Lee and newswires (alexlee@heraldcorp.com)

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