NTS probes Medytox CEO Jung Hyun-ho for alleged tax evasion
NTS probes Medytox CEO Jung Hyun-ho for alleged tax evasion
  • Kim Min-jee
  • 승인 2019.06.11 12:15
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Medytox CEO Jung Hyun-ho was reportedly questioned by the National Tax Service (NTS) on charges of tax evasion.

According to related industry sources on June 10, the Daejeon Regional Tax Office questioned Jung in mid-March on suspicion of tax evasion, including gift taxes and nominal trust in listed stocks.

An informant who worked for Medytox for about five years since 2004 claimed that Jung and some of the company's executives and employees committed unfair practices by initially signing stock options contracts and cashing half of them, and giving the money back to Jung after the stock option exercise period.

In other words, the contract for stock options granted to executives and employees in small letters shows the ratios of the amount given directly to executives and employees and the amount returned to the company. 

The company also used the method of receiving back from executives and employees with cash and checks so that they would not be recorded in banks or books to avoid the NTS' tracing, according to the informer.

On the matter, meanwhile, Medytox said, "We have no particular position regarding the NTS investigation of the individual, CEO Jung Hyun-ho, not a corporation, and we cannot confirm whether the investigation is true."

Medytox, known as botulinum toxin product (Meditoxin), has grown rapidly since it was listed on the KOSDAQ market in January 2009.

Meanwhile, the Fair Trade Commission (FTC) imposed sanctions on Medytox for advertising its competitors' products as if they were fake when it released analysis data on the strains of botulinum toxin.

The FTC imposed a 21 million won fine on Medytox, which was found to have engaged in unfair advertising activities, along with a correction order.

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