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Korea customs office uncovers former president's illegal offshore foreign transactions Updated: 2013-10-08 10:39:09 KST

 Korea customs office uncovers former president's illegal offshore foreign transactions
The Korea Customs Service said Monday that it has uncovered evidence that the family of former president Chun Doo-hwan was involved in illegal foreign currency transactions.
The agency says transactions that took place through tax havens like the British Virgin Islands as a means to evade taxes were conducted by manipulating prices of import and export products.


"We found some suspicious transactions related to the exports and imports of Chun's companies. We have notified state prosecutors about the discovery."

An investigation into Chun's family appears to be just a matter of time, despite the former president's pledge to return ill-gotten gains back to the country.
The customs office launched a probe into the outflow of wealth through illegal currency transactions in June in line with the government's tightened clampdown on underground economic activities.
In addition to the transactions link to Chun and his family, the customs agency uncovered 40 companies involved in illegal foreign currency transactions worth more than one trillion won, or roughly 940 million U.S. dollars.
The customs agency's move comes after an independent journalist group unveiled a list of individuals and companies who reportedly established paper companies in tax havens to avoid paying taxes.
Five of the 40 companies confirmed to have evaded corporate taxes worth more than 13 million dollars have been reported to the National Tax Service, while the customs agency continues its investigations into the rest.
Kwon So-a, Arirang News.

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