Korea’s CJ boss Lee Jae-Hyun face arrest for buying, selling artworks through third persons to evade taxes

June 24, 2013 Leave a comment

2013-06-23 16:45

CJ boss face arrest for buying, selling artworks through third persons to evade taxes

CJ Group chairman Lee Jae-Hyun May have USED HIM to executives under Buy and sell works of art to evade taxes and utilize his Slush Funds to Expand Wealth, Sources at The State prosecutors’ Office said Sunday.
Insiders, who REMAIN Wanted to Anonymous, they have said that clues detected using Point to The Tycoon Numerous third persons in transactions from 2005 Onwards art.
Claimed They, without giving details Any, senior executives at CJ 200-300 pieces of artworks bought, Which were probably bought at The orders of The Currently in The Process of chairman and are trying to figure out WHERE The money came from to make such large acquisitions.
“There are suspicions that money from USED Slush Funds May Come have controlled Lee,” a Sources speculated, Adding Probes that are underway to find and follow The so-called money Trail in Order to find The Nature of The Funds.
State prosecutors confirmed they questioned Key executives under Lee over The Weekend who knew about The chairman’s methods of evading taxes and hiding his money.
One vice President of CJ global Holdings, his Family Identified Only by name of Shin, is to be indicted and PUT under Arrest on Wednesday for his Involvement in Criminal Activities, Including embezzlement, Tax Fraud and dereliction of duty.
Investigators have speculated that Lee May have evaded taxes on 51.0 billion won ($ 44.2 million) worth of his Earnings, embezzled 60.0 billion won in money from CJ CheilJedang Corp.., One of South Korea’s Largest foodmakers, and Reprinting requirements Damages to The CJ Business Group TOTALING 35.0 billion won by Buying Two Buildings in Tokyo.
Lee The State has been summoned to Appear at prosecutors’ Office on Tuesday with authorities likely to Seek Arrest Warrant after an HE is questioned.
The prosecution has summoned Lee to Come in for Questioning on Tuesday after IT Which Will Seek a Warrant for his Arrest on charges of tax evasion and embezzlement.

2013-06-23 16:26

Prosecutors to question CJ chairman Tuesday

By Kim Jae-won
CJ Group Chairman Jay-Hyun Lee, grandson of The Founder The Late Lee Byung-Chull Samsung Group, has been Asked to Present Tuesday over alleged Questioning himself for Tax Evasion and The Creation of a Slush Fund, prosecutors said Sunday.
The Seoul Central prosecutors ‘Office Sent The 53-year-Old chaebol owner a summons Saturday, they said, Adding that an Arrest Warrant Will be requested Following The Questioning.
Reports have IT that some of Lee’s Funds are Hidden in accounts opened under “Borrowed names” at foreign Banks, Including UBS, Switzerland’s Biggest Lender.
Qquestioning Will focus on allegations that Lee dodged 51 billion won in taxes, embezzled 60 billion won of The company’s Funds and committed a Breach of Trust in a 35 billion won Purchase of Two Properties in Japan, they said.
Sources said Dozens of The food and Entertainment Group’s executives have Purchased up to 300 Famous works of leading Contemporary Artists, such as Andy Warhol and Jeff Koons since 2005.
prosecutors want to Determine Whether Lee USED The names of The company’s executives to Buy The artwork with Corporate Funds to evade taxes.
Gallery Seomi Head Hong Song-won was questioned twice Last week over allegations that she had inflated The Prices of artwork or FORGED papers at Lee’s request.
Lee is Suspected of hiding The Funds at Banking accounts under Hundreds of names “Borrowed” from The Group’s Former and current executives.
Creating The Lee is Suspected of Illegal Trades between fabricating Fund by The Overseas Group and its Affiliates. Spun off from CJ Samsung in The 1990s was.
Arrested If Lee is Placed under, HE would join other chaebol Owners already behind bars.
SK Group Chairman Chey Tae-won and Hanwha Group Chairman Kim Seung-youn Four-year and Three were sentenced to Prison-year terms, respectively, for embezzlement earlier this year.
As a result of The CJ Investigation, lawmakers are seeking to Revise The Real Name Financial Services Law, Which Allows People to open accounts under Banking Borrowed names, if IT Both sides agree to .
Rep. Min Byung-doo of the main opposition Democratic Party submitted a bill earlier this month to revise the law.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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