BUSINESS

Hanjin Group says founder's adult children pay W19.2b in inheritance tax

  • Published : May 16, 2018 - 13:21
  • Updated : May 16, 2018 - 13:21

Korean Air Chairman Cho Yang-ho and his four siblings have paid 19.2 bln won ($17.7 million) in inheritance tax, transportation and logistics conglomerate Hanjin Group said Wednesday.

The five paid inheritance tax following the death of Hanjin Group founder Cho Choong-hoon in 2002, but they learned in April 2016 that they have additional overseas assets they are entitled to inherit and revised their inheritance tax payment to the tax authorities in January this year.

Hanjin Group said the 19.2 billion won paid on Tuesday is the first batch of 85.2 billion won that Cho Yang-ho and his four siblings are required to pay over the next five years.


Korean Air headquarters in western Seoul. (Yonhap)

The move came amid prosecutors' probe on Cho Yang-ho's alleged tax evasion.

Cho's family has been under intense public fire over a series of allegations of physical and verbal violence as well as smuggling.

Cho's youngest daughter, Cho Hyun-min, a former executive of Korean Air, is the subject of a probe for allegedly throwing water in the face of an ad agency manager during a meeting in March.

She is the younger sister of Cho Hyun-ah, who gained global notoriety for the "nut rage" incident in 2014. Cho Hyun-ah forced a plane back to the boarding gate at New York's John F. Kennedy International Airport because she was upset with the way her nuts were served -- in an unopened bag instead of on a plate. (Yonhap)