A Korean who lived the life of a ghost has just been hit with the largest offshore tax evasion fine in Korean history, according to JoongAng Daily.
The man, referred to as “A”, faces a $378 million fine.
For at least five years, “A” avoided paying taxes on his multibillion dollar shipping company by funelling profits to tax havens including the Bahamas and Hong Kong.
More from JoongAng Daily:
The businessman took care to conceal his existence. On paper, he lived abroad and his residence in Seoul was in the name of a relative.
In addition, the operations on paper were run by foreign offices while in fact they were all controlled by an office in Seoul. But the businessman wasn’t listed as the CEO of the company, though he was its chairman.
He used USB flash drives to transfer data and rarely left paper trails for transactions. The businessman didn’t have company functions and never contacted the media.
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