Samsung Chairman Declared As Suspect In $7.5 Million Tax Avoidance Case
Lee Kun-hee, the ailing chairman of Samsung Electronics, was declared by the cops of South Korea this week as a suspect in a tax evasion case worth 8.2 Billion Won (almost $7.5 Million) that comprised the employment of bank accounts detained by workers. A sequence of scandals has dogged the group of Samsung, the biggest business territory of the country. Jay Y. Lee, the son of the chairman and successor to the Samsung Group, was freed from detention previously this week post an appeals court reduced his sentence by half for corruption and bribery to 2.6 Years and lowered it for 4 Years.
After a heart attack in 2014, the older Lee, 76, has stayed hospitalized in Samsung Medical Centre of Seoul and is tough to have a chat with having shown little symbol of revival. Until his custody Jay Y. Lee had been considered as the in-effect leader of the family. Cops claimed that elder Lee might not be queried owing to his physical situation and Samsung refused to answer.
“Chairman of Samsung, Lee Kun-hee, and an executive of Samsung managed money in 260 bank accounts below the names of 72 officials, alleged of escaping taxes valued 8.2 Billion Won,” claimed Korean National Police Agency to the media in an interview, planning to convey these cases to prosecutors. Cops claimed that the accounts, having almost 400 Billion Won, were discovered at the time of their investigation into supposed improper transactions for the renewal of family residence of Lee.
The probe into tax escape harks back to the late transaction of 130 Billion Won in 2011 in tax, although only 8.2 Billion Won of that sum comes inside the decree of restrictions, as per the cops. The graft case that resulted in the arrest of younger Lee in 2017 and conveyed down Park Geun-hye, the former president, encouraged Samsung to vow to enhance clearness in corporate management and grant leaders of the group’s associates more independence from the Lee family. The group took apart its office of corporate strategy in late last year.
The new liberal administration headed by President Moon Jae pledged to put family-control companies below sturdy inspection and end the practice of forgiving corporate tycoons charged of white-collar offenses. Even though Jay Y. Lee has not come into view at the office since his discharge this week, but members of the business community of Korea hope him to take up the wheels once again.