An Chi-hong,
Secret of Korea blogger/ Courtesy of An's blog |
By Kwon Mee-yoo
Staff Reporter
Revelations from online blogger An Chi-yong, the whistleblower on Hyosung Group's questionable real estate transactions in the United States, is drawing keen attention from netizens.
An is a Korean living in the country and operates the blog "Secret of Korea." Since Oct.2, he has publicized the particulars of the overseas properties of the Hyosung Group Chairman Cho Suck-rai's family members and the possibility of a slush fund.
The relevant documents were obtained legally and made public with the aim to "build a society where common sense prevails," An said.
According to An, Cho Hyun-joon, 41, the eldest son of the chairman and president at Hyosung Corp., bought a $4.5-million villa in Los Angeles in August 2002, a $1.8-million condominium in San Francisco in December 2004 and equities in two villas in San Diego for $475,000 in October 2006. Cho's third son Hyun-sang, 38, purchased a condominium in Hawaii last year for $2.6 million.
Hyosung said Hyun-joon and Hyun-sang purchased the properties with their private savings and loans and that company funds were not involved.
An posted another article last Thursday pointing out that the conglomerate's explanations lack concrete evidence.
"The Foreign Exchange Control Act requires proving the source of funds if the real estate costs more than 1 billion won. However, Hyosung did not explain the sources for five properties the Chos bought in the U.S," An said.
He also asked the group whether they had reported the purchase properly to the authorities. "Either for residence or investment, the person who acquires overseas real estate should report to the local taxation office by next May. However, Hyosung's explanation lacks documentary evidence," the blogger said.
He added that the Hyosung family has more properties abroad.
In addition to exposing the slush fund of the Hyosung Group, An searched and revealed documents related to other chaebols, lawmakers and former presidents.
meeyoo@koreatimes.co.kr
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무디스, 스페인·伊·포르투갈 신용등급 강등
