By Lee Min-hyung
Young children of the nation’s influential tycoons collectively hold over 100 billion won ($85.32 million) in stocks, raising concerns that business leaders may possibly use this as a loophole to evade taxes, according to Rep. Park Kwang-on of the main opposition Democratic Party of Korea, Monday.
The lawmaker said in a statement that a total 43 children from 16 conglomerate owner families held a total of 101.9 billion won in shares as of April 1, citing data from the Fair Trade Commission.
“This is not illegal, but the move can be used as a possible loophole for the tycoons to reduce taxes and strengthen the family-controlled management system,” he said.