Head of Hanjin Shipping found to run shell company in tax haven

The head of Hanjin Shipping Holdings Co., South Korea's leading shipping conglomerate, has been found to be among the few that have a shell company in a tax haven, an independent news media said Monday, as it released its second list of overseas ghost-firm owners suggesting possible tax evasion or existence of slush funds.

Choi Eun-young, the chairwoman of the shipping giant, and its former chief executive Cho Yong-min, were included in the seven names of high-profile Korean business leaders who have established a paper company in the Virgin Islands and the Cook Islands, according to the Korea Center for Investigative Journalism (KCIJ).