ID :
189857
Mon, 06/20/2011 - 16:39
Auther :
Shortlink :
https://oananews.org//node/189857
The shortlink copeid
Businessman under probe over suspected illegal FX trading
SEOUL, June 20 (Yonhap) -- South Korea's customs agency said Monday that it has asked the prosecution to investigate a local businessman suspected of violating the nation's foreign exchange transactions laws by doing business through paper companies.
According to the Korea Customs Service (KCS), the individual, whose identity has been withheld, established a paper company in Hong Kong through which he forged its profits and laundered his earnings through another paper company in Singapore.
The KCS said the businessman's illegal foreign exchange trading came to 762.6 billion won (US$702.3 million), the largest amount detected so far.
The KCS said it asked the prosecution to launch an investigation into the businessman last week.
The agency said it also plans to let the nation's tax agency investigate him on charges that he did not report sales worth 2 trillion won.
In addition, he is suspected of providing about 300 million won in bribes to an executive member of a local petrochemical company for some unidentified favors, the KCS said.
(END)
According to the Korea Customs Service (KCS), the individual, whose identity has been withheld, established a paper company in Hong Kong through which he forged its profits and laundered his earnings through another paper company in Singapore.
The KCS said the businessman's illegal foreign exchange trading came to 762.6 billion won (US$702.3 million), the largest amount detected so far.
The KCS said it asked the prosecution to launch an investigation into the businessman last week.
The agency said it also plans to let the nation's tax agency investigate him on charges that he did not report sales worth 2 trillion won.
In addition, he is suspected of providing about 300 million won in bribes to an executive member of a local petrochemical company for some unidentified favors, the KCS said.
(END)
