CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Lone Star Apologises For Failure To Cooperate In Korean Tax Evasion Probe

Lone Star Apologises For Failure To Cooperate In Korean Tax Evasion Probe

by Mary Swire, Tax-News.com, Hong Kong

16 December 2005


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.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »