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The National Tax Service said Thursday it is slapping five U.S funds including Lone Star with a W214.8 billion (about US$214.8 million) tax bill after completing a probe of six firms. It started the investigation in April amid a climate of public resentment of foreign funds, which many say bought up troubled local firms cheap only to sell them for huge profits.
Han Sang-ryul, the head of the NTS investigation bureau, said the tax office planned to report two or three executives of foreign funds to the prosecution for tax evasion and notify the Financial Supervisory Service of the fundsĄŻ violation of regulations.
The funds are Lone Star, Carlyle, Goldman Sachs, Westbrook and AIG.
According to the NTS, the funds evaded taxes by nominally basing themselves in tax havens, paying higher interest to their overseas affiliates, using illegal expenses or not reporting security transactions in accordance with the law.
Lone Star, the most active overseas fund in Korea, is being taxed W70 billion on a profit of W280 billion from selling the Star Tower building in southern Seoul.
(englishnews@chosun.com )
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