Accountant in custody for Lotte Chemical’s tax fraud

[THE INVESTOR] A tax accountant has been taken into custody in connection with Lotte Chemical’s alleged tax fraud, a local daily reported on Aug. 1.

According to the report, the tax accountant is suspected of having received bribes from Lotte Chemical in return for lobbying Busan tax officials. 

Lotte Chemical headquarters.

The accountant is also alleged to have delivered bribes from the company to Busan tax officials, in get favorable audit results.

The prosecutors investigating the case plan to determine whether Lotte Chemical CEO Huh Soo-young was involved in the alleged wrongdoings, and summon him as a suspect in the near future.

Lotte Chemical officials are suspected of using false information to file a suit against the National Tax Service to receive billions in tax returns since 2008. The investigators suspect that Huh and Lotte Group chairman Shin Dong-bin were aware of the developments. Former CEO Ki Joon, and another former executive of the company have been arrested in connection to the case.

By Choi He-suk (cheesuk@heraldcorp.com)