The Korea Herald

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Seven Koreans with paper firms in tax havens to be disclosed

By Korea Herald

Published : May 26, 2013 - 21:56

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A list of seven conglomerate owners and corporate executives who set up bogus companies in the British Virgin Islands, a tax haven in a bid to evade taxes and create slush funds is expected to be disclosed on Monday.

The Korea Center for Investigative Journalism, a non-profit, independent news agency said on Sunday that seven Koreans who currently own paper companies, including four owners of family-run conglomerates, will be exposed through a press release at noon.

“The data will be uploaded on the agency’s website, YouTube, podcast and Daum TV pot,” the organization said.

Monday’s disclosure would be the second such by the KCIJ, also known as Newstapa, following the first batch disclosed on May 22 of the names of five Koreans who owned offshore accounts in the British Virgin Islands. The group said it has a list of 245 Korean names who were shown to own offshore accounts in the tax haven. The agency said that most of the 245 Koreans are believed to be well-known corporate executives and chaebol. The list includes politicians as well, it claimed.

The list made public last week included OCI chairman Lee Soo-young and family members of Cho Choong-keon, a former president of Korean Air.

From news report
(khnews@heraldcorp.com)