Lone Star Apologises For Failure To Cooperate In Korean Tax Evasion Probe
US-based investment fund firm Lone Star has reportedly apologised to the Korean
National Tax Service for its failure to cooperate with the tax authority in
a recent investigation into tax evasion. According to a report in the Korean Times, Lone Star's vice chairman Ellis
Short visited the Tax Service's headquarters in Seoul on Wednesday where he
reportedly "deeply apologised" for refusing to hand over documents
requested by the agency as part of the investigation. The JoongAng Daily quoted an unnamed official from the tax agency as saying
that Lone Star would "pay all taxes levied during the tax investigation
and agree to actively cooperate with Korea's tax collection practice". Lone Star was among five foreign funds that were investigated and subsequently
fined a total of 215 billion won (US$212 million) by the tax agency earlier
this year. Lone Star reportedly faced the largest fine at 140 billion won. .
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.