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Hanjin Group founder's adult children file complaint with tax tribunal

All News 23:28 January 05, 2020

SEOUL, Jan. 5 (Yonhap) -- Hanjin Group founder Cho Choong-hoon's adult children have filed a complaint with South Korea's Tax Tribunal over inheritance taxes worth 85.2 billion won (US$73 million), a tribunal official said Sunday.

The tribunal is reviewing the case, the official said, without elaborating, citing the confidentiality policy regarding taxpayers.

In May 2018, then-Korean Air Chairman Cho Yang-ho and his four siblings paid 19.2 billion won in inheritance taxes in the first installment of 85.2 billion won that Cho and his four siblings are required to pay over the next five years.

This image, captured from the website of Hanjin KAL, shows the logo of Hanjin Group's holding company. (PHOTO NOT FOR SALE) (Yonhap)

The five paid inheritance taxes following the death of Hanjin Group founder Cho Choong-hoon in 2002, but they learned in April 2016 that they have additional overseas assets they are entitled to inherit and revised their inheritance tax payments with the tax authorities in January 2018.

Hanjin Group Chairman Cho Won-tae, the founder's grandson, took the helm of South Korea's largest logistics conglomerate after the death of his father, Cho Yang-ho, in April 2019.

Cho Won-tae and his mother recently offered a public apology for what could be seen as a family feud over the control of Hanjin Group.

entropy@yna.co.kr
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