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Photo courtesy of DL E&C |
[Alpha Biz= Paul Lee] South Korea’s National Tax Service (NTS) is set to wrap up an 11-month-long investigation into DL Group with a prosecutorial referral of a senior executive and a tax penalty imposed on DL Chemical, according to industry sources on August 17.
The Seoul Regional Tax Office’s Fourth Investigation Bureau referred a DL E&C executive to prosecutors on charges related to offshore tax evasion. Separately, DL Chemical was ordered to pay additional taxes earlier this year after a probe into Yeochun NCC, its joint venture with Hanwha Solutions, found that products had been sold below market prices.
The tax investigation began in September 2023 with DL E&C, developer of the “e-Pyunhansesang” apartment brand, amid suspicions of illegal rebates. The scope was later expanded to include the holding company DL Holdings (formerly Daelim), DL Chemical, and Yeochun NCC.
While speculation initially suggested that DL Group Chairman Lee Hae-wook might also come under scrutiny, sources indicate that members of the owner family were not included in the investigation.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
