Korean Big Law Firm Under Tax Audit
Legal World
The Korean National Tax Service has launched an audit of the country's largest law firm, Kim & Chang, over tips that the firm may have avoided paying taxes, tax officials said Monday.
NTS officials played down the probe, but some industry sources raised speculation that the audit is related to ongoing investigations into Samsung Group or Lone Star Funds.
"We've received information that some lawyers of Kim & Chang engaged in dubious activities to dodge taxes," an NTS official said. "`We are looking into their income from recent court cases and checking whether they reported the right amount in the right way."
It is the first time for the NTS to audit the law firm since 1997. Law firms are required to undergo an audit every two years, but the office had skipped the ones for Kim & Chang as the firm had received awards for fulfilling its obligations to pay taxes.
NTS officials said the audit is not a regular one.
"We began the audit because there were reports alleging that the firm had avoided taxes," the official said.
Kim & Chang, based in Seoul, is the largest law firm in South Korea with some 450 lawyers, accountants and patent and trademark attorneys. It represented Lone Star when it acquired Korea Exchange Bank in August 2003.
It also has provided services to Samsung. Late last year, lawyer Kim Yong-chul, former director of the legal department of Samsung Group, alleged that Kim & Chang actively participated in fabricating facts for the trial of Samsung Chairman Lee Kun-hee on charges of illegally transferring his wealth to his son through an illicit convertible bonds deal.
A number of ranking officials served or are serving as advisors to the law firm. They include Prime Minister-designate Han Seung-soo, Prime Minister Han Deok-soo and former NTS head Seo Young-taik.
Related listings
-
China Upholds Death for Ant Fraudster
Legal World 02/03/2008A court in northeastern China upheld a death sentence Monday against a businessman accused of bilking investors in a would-be ant-breeding scheme, state media reported.The Liaoning Provincial Higher People's Court turned down an appeal from Wang Zhen...
-
Record profits prompt calls for windfall tax against Shell
Legal World 01/31/2008Calls for a windfall tax on oil companies have been reignited after Royal Dutch Shell posted record UK company profits of almost £14 billion.The Unite union said profits in the industry were "obscene" and urged the Government to take action, especial...
-
EU Court: Downloaders Can Stay Private
Legal World 01/29/2008[##_1L|1157132117.gif|width="115" height="75" alt=""|_##]Record labels and film studios cannot demand that telecom companies hand over the names and addresses of people suspected of breaking European copyright rules by swapping illegal downloads, the...
Is Now the Time to Really Call a Special Education Lawyer?
IDEA, FAPE, CHILD FIND and IEPs: The Individuals with Disabilities Education Act (IDEA) guarantees all children with disabilities to a free appropriate public education (FAPE). FAPE starts with a school’s responsibility to identify that a child has a disability (Child Find) and create an Individualized Education Program (IEP) to suit the needs of the child.
Forte Law Group is one of only a very few law firms within the state of Connecticut that is dedicated to exclusively representing families and children with special needs.
Parents need to be persistent, dedicated and above all else aware of the many services and accommodations that their child is entitled to under the law. As early as this point within your child’s special education, many parents will often find themselves in the situation asking, “is now the time to really call a special education lawyer?” Here are a few things to consider when asking yourself that question.