Korean Air patriarch under tax probe
Print Edition
THE patriarch of South Korean flag carrier Korean Air was grilled by prosecutors yesterday over alleged tax evasion and other crimes, as a series of probes reached the top of the troubled business dynasty.
Cho Yang-ho, 69, and his brothers and a sister allegedly avoided paying 50 billion won (US$45 million) in taxes on the overseas assets they inherited after their father Cho Choong-hoon died in 2002.
“I am sorry. I will sincerely face the investigation,” Cho said when he appeared at the Seoul Southern District Prosecutors Office.
Cho is chairman of the Hanjin Group, which includes Korean Air and used to own the now-bankrupt Hanjin Shipping line. He also faces allegations of embezzling over 20 billion won from company funds and unfairly awarding contracts to companies controlled by his family members.
Cho’s wife and children are being probed over alleged assaults, smuggling and illegal hiring of foreign housekeepers.
Two daughters, who held management positions at Korean Air, became famous for temper tantrums which were dubbed the “nut rage” and “water rage” scandals online.
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