Huge sum leaked illegally through liquidation of Samsung-Corning joint venture
Huge sum leaked illegally through liquidation of Samsung-Corning joint venture
  • Lee Jun-sung
  • 승인 2019.05.21 11:56
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It was belatedly revealed that Corning Precision Materials has paid more than 150 billion won to Corning every year in the name of liquidation, as Corning passed the burden on Corning Precision Materials, a joint venture, in 2014 while Samsung and the U.S.-based Corning were liquidating the joint venture.

The National Tax Service (NTS) collected more than 170 billion won in taxes, saying, "Corning Precision Materials' income was illegally leaked overseas," and Corning filed an appeal with the tax tribunal.

According to Yonhap News Agency on May 20, the NTS collected a total of 170 billion won in corporate and dividend withholding taxes for Corning Precision Materials in 2017.

The NTS believes that Corning is unfairly taking out assets of Corning Precision Materials when it took over its stake in Corning Precision Materials from Samsung Display in January 2014 to liquidate its joint venture with Samsung in glass plate business.

Samsung and Corning co-founded Corning Precision Materials (then Samsung Corning Precision Materials) in 1995 and held a joint venture before agreeing to liquidate the joint venture in October 2013.

In response, Corning Precision Materials has filed a complaint with the tax tribunal, claiming that the tax agency's taxation is unfair.

"We cannot comment on this as related procedures are currently under way at the tax tribunal," a Corning company official told Yonhap News Agency.

The NTS reportedly did not take any action against Samsung Display, believing that it had no profit from it.

"Samsung Display was not involved in the process of Corning's stake acquisition in Corning Precision Materials. It is the Corning side's matter," said a Samsung Display official.

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