Samyang Foods is reportedly undergoing intensive tax audit by the National Tax Service. The probe seems to be linked to the prosecution`s investigation earlier this year into Chun In-jang, chairman of Samyang Foods, and his wife Kim Jeong-soo on charges of embezzlement.
According to related industry sources on Nov. 5, the National Tax Service conducted tax investigations in the middle of last month by sending inspectors to the headquarters of Samyang Food in Seongbuk-gu, Seoul without prior notice.
The investigation will include the headquarters of Samyang Foods and some affiliates, and the investigation will be carried out on schedule until mid-January next year, but there is a possibility that the investigation will be extended according to circumstances.
In particular, with the use of staff from the 4th Investigation Bureau of the National Tax Service in Seoul, some raised the possibility of special tax investigation related to suspicions such as embezzlement and tax evasion.
The 4th investigation bureau is usually in charge of irregular tax probe so that it could lead to prosecution charges when tax evasion or illegal activities are revealed.
Previously, the headquarters of Samyang Foods, some affiliates and business partners were raided by the Seoul Northern District Prosecutors` Office in February on suspicion of embezzlement.
