Korean chaebol woes: Prosecutors are investigating the three siblings who control CJ Group to uncover the whereabouts of an estimated 500 billion won ($450 million) in Hidden Assets
May 23, 2013 Leave a comment
2013-05-22 16:06
CJ probe expands
By Kim Jae-won
Prosecutors are Investigating The Three siblings who Control CJ Group to uncover The whereabouts of an estimated 500 billion won ($ 450 million) in Hidden Assets, Sources said Wednesday. The Three are CJ Group Chairman Lee Jay-Hyun, his Elder sister and CJ E & M Vice Chairwoman Lee Mi-kyung and JS Communications CEO Lee Jae-hwan, his younger brother. They are Suspected of hiding The Assets under “Borrowed name” Bank accounts at Home and abroad.
The Seoul Central District prosecutors’ Office has reportedly Banned Chairman Lee’s Two aides from Leaving The Country.
CJ E & M is a Key Entertainment Affiliate of The Group, while JS Communications is an Advertising Agency subsidiary of CJ.
Investigators are concentrating on tracking The food and Entertainment Giant’s alleged Slush Fund Placed in accounts at Swiss Bank Branches in Hong Kong, estimated at a minimum 20 billion won, According to The Sources.
prosecutors were said to have built a strong case against them, under Finding The names of Banking accounts The conglomerate’s Former and current executives.
Tax officials say they May Face Criminal charges.
“All English Overseas Residents must report if Account balance The Combined tops 1 billion won. Two years imprisonment for up to Face they Failing to do so, “said a high-ranking Official of The National Tax Service on Condition of Anonymity.
said CJ May have The Tax Official Funds in Hong Kong to Avoid The Hidden taxes. The Three Lees Face Added HE could if additional charges were The Funds Created through embezzlement.
According to Data from The Financial Supervisory Service, The Seven Group runs subsidiaries in Hong Kong.
They include China CJ, CJ Global Holdings, CGI Holdings, CMI Holdings and UVD Enterprises, which all have the same address in the same building. This LED investigators to conclude they were “Paper companies” for fake transactions between them and The Headquarters in Seoul.
CJ Group The allegations denied.
“All of Their Own Play The Five companies from role to Trading Supervising Chinese Businesses. They are in the same building because they do not need many employees, “said Lee Young-pyo, a spokesman for the group.
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