Chapter 430
When the voluntary report was effectively refused, the Blue House and the ruling party did not hide their displeasure.
In any case, unless the data is handed over, the government cannot arbitrarily look into the assets and transaction records of a foreign corporation.
That's why they continue to track remittance records from within the country and the foreign corporation's sales, profits, and cash flow to uncover offshore tax evasion.
There was a company that was in more of an uproar over this matter than we were: the Rite Group.
The Rite Group is a company founded in Japan by Chairman Jin Kyung-ho, a Korean-Japanese. Based on its success in Japan, it entered the Korean market in the late 1960s and has now grown to be the 5th largest conglomerate in Korea.
The problem is that while the sales of Rite Japan have stagnated since then, the sales of Rite Korea have exploded. The sales of the two corporations were reversed long ago, with 90 percent of the revenue generated by Rite Korea. However, because the governance structure where Rite Japan controls Rite Korea remains in place, controversy has continued to arise.
As public opinion worsened, Vice Chairman Jin Dong-min, who is in charge of Rite Korea, promised to list Rite Hotel and proceed with separating it from the Japanese headquarters.
As I was leaving the company, reporters who had been waiting at the entrance followed me.
"We heard that you refused to voluntarily report your offshore assets."