THE INVESTOR

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December 19, 2018

Prosecutors raid LG HQ in tax evasion probe

PUBLISHED : May 09, 2018 - 13:44

UPDATED : May 09, 2018 - 13:44

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[THE INVESTOR] Prosecutors raided the headquarters of LG Group on May 9 as part of an investigation into an alleged tax evasion by the controlling family of the Korean conglomerate.

Investigators from the Seoul Central District Prosecutors’ Office were sent to search the premises in Yeouido in western Seoul to confiscate evidence including accounting documents, the prosecution said.

The National Tax Service has filed a complaint against the family of LG Chairman Koo Bon-moo, seeking an investigation into possible tax dodging by them.

Prosecutors believe they evaded taxes levied for changes in stock ownership after the Koo family unloaded and increased their equity holdings in LG affiliates.

They are also investigating allegations that the owner family, especially Koo Kwang-mo, the chairman’s son and heir, unfairly profited from his majority stake in one of LG’s affiliates.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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