SEOUL, KOREA - The total volume of assets put away by Korea's major conglomerates is estimated at 5.7 trillion won. Chaebul.com, a website tracking statistics of Korean business groups, said on May 26 that as many as 24 groups with a sales revenue in excess of 1 trillion won have accounts under 125 overseas subsidiary names in nine offshore locations including the Cayman Islands, the Virgin Islands, Panama, the Marshall Islands, Labuan (Malaysia), Bermuda, Samoa, Mauritius, and Cyprus whose aggregate balance reaching 5,690.3 billion won.
Of these, the Cayman Islands topped the list with 2,649 billion won stashed away by 18 corporation names, followed by Panama (1,619.7 billion won by 77 corporations), the Virgin Islands (1,066.9 billion won by 14 corporations), the Marshall Islands (267.2 billion won by 7 corporations), Bermuda (66.2 billion won), and Labuan (18.0 billion won).
Of the conglomerates, SK Group had the highest number of offshore subsidiaries with 63 including 52 in Panama alone. It is followed by Lotte Group with had 12 subsidiaries including nine in the Virgin Islands. Samsung Group was revealed to have two subsidiaries in Panama including an electronic goods sales organization and a consulting firm. CJ Group was also reported to have two subsidiaries in the Virgin Islands including a movie theater management company.
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