Swiss bank UBS was the most-favored broker by Koreans who established paper companies in overseas tax havens, according to the Korea Center for Investigative Journalism, a group of local journalists.
The journalists said they found that UBS branches in Singapore and Hong Kong mediated 31 cases among 369 phantom companies established by Koreans.
Those who turned to UBS for alleged tax evasion were reported as Hanjin chairwoman Choi Eun-young, OCI chairman Lee Soo-young and KB AutoTech president Park Hyo-sang, according to Yonhap News.
