Samsung Chairman To Be Charged With $7.5 Million Tax Evasion In Korea


A few days ago, Samsung boss Lee Jae-yong was released from prison on a successful appeal after serving almost a year of a five-year sentence for embezzlement and bribery. While on probation for four years, Lee is now a free man - something which is quite debatable. Seoul High Court turned the original court ruling and cut Lee's sentence in half to two and a half years before an early release and probation were granted. However, his father, Lee Kun-hee could most certainly move to prison as he is charged with $7.5 million of tax evasion. So let's dive in to see some more details on the matter.

Samsung Chairman Named A Possible Tax Evader By The South Korean Police

As we have mentioned earlier, Samsung's chairman Lee Kun-hee is suspected in a new tax evasion case which is being investigated in South Korea. The local authorities have been calling him a suspect in the case but it is also said that he is not in a state to be questioned.

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Lee Kun-hee has not been sighted publicly since May of 2014, after being hospitalized. He had a heart attack and was left in a coma state. He was hospitalized in the company's Medical Center in Seoul. In addition to this, his medical condition has not improved as per the recent reports. In addition to this, it is also unclear whether he gained consciousness or not. The Korean police agency said:

“Samsung chairman Lee Kun-hee and a Samsung executive managed funds in 260 bank accounts under names of 72 executives, suspected of evading taxes worth 8.2 billion won,”

Lee Kun-hee was part of a scandal in which the prosecutors were allegedly used for bribing the state's officials. As for now, the police also stated that Lee Kun-hee used employees; bank accounts that contained 400 billion won or $367.3 million. There will be more to the story, so be sure to stay tuned in for more details.

This is all for now, folks. What are your thoughts on the Lee Kun-hee named a possible tax evader by the South Korean police? Share your views with us in the comments section below.

News Source: Reuters