Samsung Electronics Chairman Lee is named by South Korean police as a possible tax evader-again

Samsung Electronics Chairman Lee is named by South Korean police as a possible tax evader-again
A few days ago Jay Y. Lee, the Vice Chairman of Samsung Electronics, was released from prison after serving 353 days of a five year sentence for bribery and embezzlement. Now, he is a free man although he is on probation for four years. The Seoul High Court overturned the original court ruling and cut Lee's sentence to two and a half years before granting him early release and probation. But while Lee is now out of prison, his father might be moving in.

Samsung Electronics Chairman Lee Kun-hee, Jay Y. Lee's dad, has been hospitalized since suffering a heart attack back in 2014. Now, South Korean police are calling the Chairman a suspect in a tax evasion scheme that saved the 76-year old from paying 8.2 billion won ($7.5 million) in taxes. Additionally, the police say that Lee Kun-hee used bank accounts belonging to employees that contained 400 billion won ($367.3 million USD).

The executive has been in the same situation before. Back in 2009, Lee was convicted of tax evasion after using bank accounts held by "trusted employees." He was later pardoned. The current investigation started when police heard allegations that Samsung funds were misappropriated by the company's Chairman to pay for renovation of his and other family members' residences.


Samsung refused to comment on this matter.

source: Reuters

FEATURED VIDEO

31 Comments

12. maherk

Posts: 6965; Member since: Feb 10, 2012

Let's hope he gets the same punishment that a regular citizen would receive in such a case. Paying a fine isn't stopping these rich people.

15. deewinc

Posts: 455; Member since: Feb 21, 2013

That's what they do to game the system. In fact, a fine might be less than what they're required to pay in tax evasion.

14. Plasticsh1t

Posts: 3109; Member since: Sep 01, 2014

Let's see how he will get away with this.

16. hboy857

Posts: 367; Member since: Jun 03, 2013

Nothing will happen to him. Some drama will happen but at the end he will walk free just like his son. These corrupt company can get away with anything. Samsung's business culture are the worst. Stealing, black mailing, hazardous working condition for their employee it's all in their culture. People talk bad about Uber but boy Samsung is truly the worst. It's a good thing for them that they are not an american company.

21. SIGPRO

Posts: 2817; Member since: Oct 03, 2012

Like American companies pay all the tax they owe?Apple pays only 1% income tax.

35. mootu

Posts: 1530; Member since: Mar 16, 2017

"These corrupt company can get away with anything. Samsung's business culture are the worst. Stealing, black mailing, hazardous working condition for their employee it's all in their culture. People talk bad about Uber but boy Samsung is truly the worst. It's a good thing for them that they are not an american company." You just described Apple. Stealing? ... well Steve Jobs famously said "Picasso had a saying -- 'good artists copy; great artists steal' -- and we have always been shameless about stealing great ideas. Blackmailing?... Like Apple blackmaild Western Digital threatening never to do business with them again if they bought Toshiba's memory division, Apple btw had offered a lower price. Hazardous working conditions ?... Another one Apple is famous for with bullying rife, suicides, child labour, unpaid interns. All this from an American company.

28. sissy246

Posts: 7124; Member since: Mar 04, 2015

Same way Apple does, payoffs And not just Apple, lots of companies

19. antonmassoud

Posts: 89; Member since: Oct 22, 2016

Just let him pay the money, don't put a 76 year old in jail ...

29. sissy246

Posts: 7124; Member since: Mar 04, 2015

Even though I hate to see a person that age go to jail that is exactly what needs to be done. If he gets away with it others will just do the same because they know they will get away with it.

38. cncrim

Posts: 1588; Member since: Aug 15, 2011

Dont do crime if you can do the time, regardless gender status age.

32. TechSceptic

Posts: 1156; Member since: Feb 05, 2018

This isn't exactly an exclusive thing. Apple was investigated by none other than the European comission, and it came to the very clear conclusion that Apple as a company only payed taxes at rates of 0.005% for all european profits, which is much much lower than what they should be paying. Apple as a company is doing tax evasion on a massive level in the EU, and it has been proven.

37. Zylam

Posts: 1817; Member since: Oct 20, 2010

Hahaha what's this??? Samsung's top brass facing corruption changers yet again. But but Apple, and isheep and expensive, no new design, no new innovation.... I don't understand... What's happening!!!

* Some comments have been hidden, because they don't meet the discussions rules.

Latest Stories

This copy is for your personal, non-commercial use only. You can order presentation-ready copies for distribution to your colleagues, clients or customers at https://www.parsintl.com/phonearena or use the Reprints & Permissions tool that appears at the bottom of each web page. Visit https://www.parsintl.com/ for samples and additional information.