Samsung Group Chairman Lee Kun-hee. (image: Yonhap)
SEOUL, Mar. 5 (Korea Bizwire) — Financial authorities said Monday they will step up cooperation with the national tax agency to impose a fine on Samsung Group’s ailing chairman Lee Kun-hee for allegedly evading taxes with borrowed-name accounts.
In a statement, the Financial Supervisory Service confirmed that Lee held 6.18 billion won (US$5.72 million) in 27 brokerage accounts under borrowed names on Aug. 12, 1993, a day before a law came into force requiring real name accounts.
The 1993 law requires South Koreans to open bank or other financial accounts using their real names.
The confirmation, which came after a two-week inspection into the accounts at four brokerages, paved the way for the national tax agency to impose a fine on Lee.
Lee, who has been hospitalized since suffering a heart attack in 2014, has been criticized for withdrawing money from such accounts without paying taxes or fines.
The money is believed to have been inherited from his father, Samsung Group founder Lee Byung-chull.
Last month, police named Lee as a suspect in a tax evasion case, accusing him of managing 400 billion won in 260 accounts held by executives at Samsung.
Lee could not be questioned, and the case has been referred to prosecutors, police said.
(Yonhap)
