Korean Air Chairman Cho Yang-ho and his four siblings have paid 19.2 bln won ($17.7 million) in inheritance tax, transportation and logistics conglomerate Hanjin Group said Wednesday.
The five paid inheritance tax 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 payment to the tax authorities in January this year.
Hanjin Group said the 19.2 billion won paid on Tuesday is the first batch of 85.2 billion won that Cho Yang-ho and his four siblings are required to pay over the next five years.
Korean Air headquarters in western Seoul. (Yonhap)
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