Menu
LG HQ raided in tax probe

LG HQ raided in tax probe

Prosecutors are looking into possible evasion of capital gains tax worth about US$9.25 million

South Korean prosecutors have raided LG Group's head office as part of a probe into alleged tax evasion by family members controlling the conglomerate, the prosecutors' office has said.

Prosecutors are looking into possible evasion of capital gains tax worth about 10 billion won (US$9.25 million) in relation to the transfer of shares of an LG affiliate, the Seoul Central District Prosecutors' Office said in a text message to reporters.

A spokeswoman at LG Corp, the group's holding company, said the relevant parties will cooperate with the prosecutors' probe.

The probe appeared to have been caused by differing views on the amount of tax payable after some shareholders sold shares in the market and paid the corresponding taxes, she said.

The probe into the country's fourth-biggest conglomerate by assets would be the latest of a string of troubles faced by families controlling the country's conglomerates, known as chaebols.

A tantrum by the heiress of Korean Air Lines Co Ltd earlier this year reignited public anger at the behavior of the rich and powerful, and sparked investigations into her family and its businesses.

The liberal government of Moon Jae-in has pledged to pursue chaebol reform, urging them to improve governance structures to improve transparency and fair competition.

(Reporting by Joyce Lee, Ju-min Park; additional reporting by Hyunjoo Jin, Editing by Christopher Cushing and Richard Pullin)


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags legallgSouth Korealaw

Featured

Slideshows

Malwarebytes shoots the breeze with channel, prospects

Malwarebytes shoots the breeze with channel, prospects

A Kumeu, Auckland, winery was the venue for a Malwarebytes event for partner and prospect MSPs - with some straight shooting on the side. The half-day getaway, which featured an archery competition, lunch and wine-tasting aimed at bringing Malwarebytes' local New Zealand and top and prospective MSP partners together to celebrate recent local successes, and discuss the current state of malware in New Zealand. This was also a unique opportunity for local MSPs to learn about how they can get the most out of Malwarebytes' MSP program and offering, as more Kiwi businesses are targeted by malware.

Malwarebytes shoots the breeze with channel, prospects
EDGE 2019: Channel forges new partnerships during evening networking

EDGE 2019: Channel forges new partnerships during evening networking

Partners, vendors and distributors reconnected during a number of social gatherings during EDGE 2019. The first evening saw the channel congregate for a welcome party at the Hamilton Island yacht club, while the main poolside proved to be the perfect stop for a barbecue on the final night.

EDGE 2019: Channel forges new partnerships during evening networking
Show Comments