SK Shipping hit by tax evasion claims

SK Shipping hit by tax evasion claims

SK Shipping is being investigated by South Korea’s National Tax Service (NTS), although it has denied it is facing tax evasion charges.

“The tax authorities’ move appears to be part of the regular tax audit of our company,” company spokesman Hong Chang-hyo told local newspaper, The Korea Herald.

Speculation in Seoul is rife that the tanker shipping subsidiary of energy firm SK Group is facing trouble since it is NTS’s fourth division which is looking into the shipowner, a division that specialises in tax evasion and corruption among large companies.

The investigation is expected to run until the middle of May.

The news is a blow to SK Shipping as it goes about plans for a 2016 IPO.

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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