The Nationwide Tax Service (NTS) of Korea opened a “particular tax investigation” into the affairs of Bithumb Holdings and its subsidiary firms, in line with Korean information outlet Yonhap Information.
Tax authorities are scrutinizing all group firm’s home and worldwide transactions to uncover doable tax evasion and cash laundering.
Former Bithumb Holdings Chair Lee Jung-Hoon was lately cleared of fraud costs over an absence of proof. The incident stemmed from the alleged theft of $100 million from the Chair of the BK Medical Group, Kim Byung-Gun, who was negotiating an acquisition deal.
The embezzlement investigation turned up hyperlinks between Bithumb and a person named Kang Jong-hyeon, who’s suspected of operating the corporate from behind the scenes.
As a part of its investigation into Bithumb firms, the NTS additionally intends to probe Kang’s private tax affairs and people of his sister Kang Ji-yeon.
Tax authorities have beforehand investigated Bithumb
In 2019, following a tax probe, Bithumb Korea was hit with an ₩80 billion ($69 million) tax invoice in relation to withholding tax on international clients’ incomes.
The agency responded by saying it was inappropriate to levy withholding tax because it already pays company and native revenue taxes on its working income.
Equally, in 2018, an investigation discovered Bithumb not responsible of tax evasion however the firm was nonetheless slapped with a ₩30 billion ($28 million) invoice for again taxes regarding years 2014 to 2017.
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