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Hanwha Tax Evasion Probe, Camera Division Implicated
Charles Rollet
Mar 09, 2019U
Undisclosed #1
Mar 15, 2019The national tax agency filed a complaint in 2017, suspecting that Samsung Techwin had dodged corporate taxes worth more than 12 billion won...
Is that “Samsung” reference just a typo or is the allegation that the underlying activity leading to the complaint in 2017 actually occurred pre-acquisition?
JH
John Honovich
Mar 15, 2019That is from the Yonhap news agency. We do not have any information about when the alleged activity started.
UM
Undisclosed Manufacturer #2
Mar 20, 2019My question is: by evading these taxes did they put the funds into product development / Wave VMS ,etc and gain an unfair advantage on the rest of the industry from said tax evasion?
$10 million is about 10% of their annual sales so its pretty significant.
JH
John Honovich
Mar 20, 2019$10 million is about 10% of their annual sales so its pretty significant.
Their 2018 annual sales are somewhere in the $500 million range, so not that significant.
UM
Undisclosed Manufacturer #2
Mar 20, 2019I was referring to Hanwha Techwin America. The American division's sales are around $100 mil.
JH
John Honovich
Mar 20, 2019What does the American division sales have to do with a tax probe of the entire company?
Btw, I am not sure what the American division's sales were in 2018.
UM
Undisclosed Manufacturer #3
Mar 22, 2019My question is: by evading these taxes did they put the funds into product development / Wave VMS
Hanwha doesn't develop their Wave VMS. They license it from Network Optix as it's just an OEM of their Nx Witness VMS. Same as Digital Watchdog's Spectrum VMS.
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