According to a report in the Times, Samsung chairman, Lee Kun-hee, sent shockwaves through the financial world when he dramatically resigned from his position on live television and brought Korea to a standstill. The reason for the theatrical fall from grace was a long running tax evasion and corruption scandal that had dogged Samsung and caused considerable damage to the business image of the electronics giant.
Tax Evasion – Tycoon Typhoon
The fallout from Samsung chairman, Lee Kun-hee’s tax evasion is expected to be expansive and some industry experts are suggested that the demise of South Korea’s most powerful tycoon has left a power vacuum at the country’s most prestigious company. According to the report in the Times, the tax evasion and corruption scandal that has destabilised Samsung is likely to have wide ranging ramifications for industries throughout South Korea. Samsung has 59 operative arms and their work extends into almost every facet of Korean industry and 15% of the country’s GDP is generated from Samsung. The tax evasion scandal has caused some furrowed brows in the country but it is hoped that the day to day running of Samsung shouldn’t be too adversely affected by his decision.
Tax Evasion – TV Tantrum
The typical resignation routes were certainly not followed in the case of Lee Kun-hee after the tax evasion and corruption charges bought against him made his position untenable. According to the report in the Times, the Samsung chairman interrupted regular television to deliver a speech relating to his tax evasion indictment and the unexpected announcement bought the country to a standstill. As reported in the Times, Lee Kun-hee stated, “I am truly sorry for causing so much concern with the investigation. I will assume full legal and moral responsibility.” Even though investigators into the tax evasion and bribery allegations were unable to prove that he had a slush fund to bribe officials, Lee Kun-hee could face a considerable prison sentence if the tax evasion accusations prove to be true.
Speak to Gilbert Tax about Tax Evasion
Gilbert Tax are tax specialists who specialise in resolving tax investigations and disputes. Offering efficient, friendly and cost effective solutions to tax problems, Gilbert Tax are pleased to provide assistance with issues ranging from tax evasion to VAT fraud. With over 60 years of combined experience in the industry, Gilbert Tax offer unparalleled service that will get to the bottom of tax discrepancies and disputes. To find out more about tax evasion and the range of services provided by Gilbert Tax, just call 0800 734 3333 or email firstname.lastname@example.org
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