Eun Jin-hyeok, the actual owner of the private equity firm Alchemist Capital Partners Korea, has been indicted on charges of violating the International Tax Adjustment Act.
According to the legal community on the 10th, the Criminal Division 5 of the Seoul Eastern District Prosecutors' Office (Chief Prosecutor Han Moon-hyuk) indicted Eun on the 25th of last month at the Seoul Central District Court for violating the International Tax Adjustment Act and other charges.
Persons liable to pay taxes in Korea must report if the amount held in overseas accounts exceeds 500 million KRW. If the unreported or underreported amount exceeds 5 billion KRW, the penalty includes imprisonment for up to two years or a fine ranging from 13% to 20% of the amount subject to the reporting obligation violation.
Eun claims that there is no legal issue because he is a foreigner, but the prosecution judged that he has a tax obligation because he resides in Korea. Eun holds citizenship of Saint Kitts and Nevis in the Caribbean, but both his residence and company are located in Korea.
The prosecution took over the case from the National Tax Service and has been investigating since last year. Eun is also known to have hired a major law firm to prepare for the trial.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
