LG chairman Koo Kwang-mo accused of hiding shares to avoid tax
Updated
Updated · The New York Times · May 5
LG chairman Koo Kwang-mo accused of hiding shares to avoid tax
9 articles · Updated · The New York Times · May 5
A report says Koo controlled about 26% of LG, versus 16% disclosed in filings, a gap worth roughly $1.6 billion.
The allegations emerged from a June 2020 meeting in Seoul where widow Kim Young-shik and her elder daughter questioned how shares were divided after former chairman Koo Bon-moo's death.
At the meeting, executive Ha Beom-jong allegedly said assets held under relatives' names left little paper trail for South Korean tax authorities, deepening a family dispute at the chaebol.
Will authorities investigate an LG executive's alleged advice to the Koo family on evading taxes?
His control is court-approved. Are LG’s new governance reforms genuine or just a PR move?