AsiaShipyards

Hyundai Heavy hit with $104m tax evasion bill

Photo of Sam Chambers Sam ChambersApril 11, 2016
30 Less than a minute

Hyundai Heavy Industries, South Korea’s largest shipbuilder, has been hit with a tax evasion charge and will have to pay Seoul an additional KRW120bn ($104m), the yard said today.

The National Tax Service carried out an investigation into HHI’s books last April. As well as the main yard, local media suggests an affiliate yard, Hyundai Samho, will have to pay KRW2.8bn in back taxes.

For HHI, already reeling from a severely depleted orderbook thanks to the moribund oil and gas scene, the additional payment is a severe blow and the yard is expected to appeal the ruling.

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Photo of Sam Chambers Sam ChambersApril 11, 2016
30 Less than a minute
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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