Hyosung under investigation for tax evasion: reports
By Jung Min-ho
In this photo provided by Hyosung, Hyosung Group Chairman Cho Hyun-joon shakes hands with Vietnamese Deputy Prime Minister Vuong Dinh Hue after discussing business cooperation at the Lotte Hotel in Seoul on June 19.
Korean conglomerate Hyosung is reportedly being investigated on suspicion of tax evasion.
According to
and other local media Tuesday, the National Tax Service (NTS) is looking into allegations that Hyosung, which specializes in chemicals, textiles and industrial machinery, dodged paying tens of billion won (millions of dollars) in taxes through fraudulent accounting.
Hyosung is accused of deliberately underestimating the money its Vietnam branch must pay to its head office in Seoul for using technologies and other resources to evade taxes.
The NTS is also looking into the company's other overseas branches.
Asked by The Korea Times, a senior Hyosung PR official denied the accusations, saying the company did not violate tax laws.