South Korea's financial regulator said on Monday it would step up its cooperation with the tax authorities to punish Mr. Lee Kun-hee, chairman of Samsung Group, for using the tax evasion on a borrowed account.
In a statement, South Korea's Financial Authority confirmed that as of August 12, 1993, Lee holds 6.18 billion won ($ 5.720 million) through 27 brokerage accounts. The next day, South Korea entered into a law that required all accounts to be dealt with in real-name terms.
The 1993 law requires that Koreans use their real names to open bank accounts or other financial services accounts.
In the past two weeks, regulators have investigated the accounts of four brokers. The latest statement for the South Korean tax authorities to Li Kun-hee to fine paved the way.
Li Jianxi has been hospitalized since the heart attack in 2014. He was accused of withdrawing funds from these accounts without paying taxes or paying fines. It is believed that these funds inherited from Lee Kun-hee's father, Samsung founder Li Bingzhe.
Last month, South Korea police labeled Lee Jong-hsi a suspect in tax evasion and accused him of managing 400 billion won of funds through accounts held by 26 Samsung executives. Police said Lee Kun-Hsi is currently unable to interrogate the case and the case has been referred to the prosecutor.