Hanwha Tax Evasion Probe, Camera Division Implicated

By: IPVM Team, Published on Mar 19, 2019

A Hanwha group subsidiary was raided as part of a tax evasion probe. While a Korean news media report listed the raided entity as 'Hanwha Techwin', Hanwha Techwin claimed to IPVM that "it is related to Hanwha Aerospace, not Hanwha Techwin."

In 2018, Hanwha's security group was spun out as Hanwha Techwin.

Inside this note, we examine the case, feedback from Hanwha Techwin and the potential risk for the companies.

Update: New Korean prosecution statement implicates the camera division, contrary to what Hanwha Techwin tells us.

News ******

*** ***** ****** ****** News ************** ** ***** *, 2019 ****:

*********** ****** ** ********* of ***** ***** ****** conglomerate ****** ***** ** Wednesday ** **** ** a ***** **** *** evasion ***********.

*** ****** **** **** relates ** * **** ********* of ~$** ******* *** tax *******:

*** ******** *** ****** filed * ********* ** 2017, ********** **** ******* Techwin *** ****** ********* taxes ***** **** **** 12 ******* *** (**$**.* million). 

Hanwha ******* ****** ***********

****** **** *** **** report ** ***** ** confusion ***** *** *******'* recent **** *******, ****** another ****** **** ****** [link ** ****** *********] on *** *** ***** stating

*** *********** ******** *** Hanwha ******* (********* ****** Aerospace)

****** ******* (*.*., ********) says **** ** ****, Hanwha ******** *** ********* where ********* ********* ****** Hanwha ******* (******* ** mind **** ******* **** was *** ***** *****, whereas ***** ** ****** to **** ********). **** provided *** ********* *****:

****** ******* (*.*. ********) elaborated ****: 

*** *** ************* ***** ** ***** 2017 *** ******** ** organization #* *** ******** at *** ******** ****** division (********* ****** *********).

**** ******** *** ********* chart ******* *** ************ post-spin **** ****** ******* being * ********** ** Hanwha *********:

No ******* 

*** ***** ******* ******** Prosecutor's ****** *** *** respond ** ******** *** comment **** ****.

Risks *** ****** ******* ********

**** ** ****** ******* (security) ** *** ******** involved, **** *** ***** by *** ********* ******, as ***** *** ***** shows), ** ***** ** some ***** ** **** that *******. *******, ** do *** **** ****** about ****** ******** ** economics ** ****** *** much.

Other ****** *** ******

***** * ~$** ******* tax ***** *** * multi-billion ****** ******* ** relatively *****, *** ******* may ** ****. *** example, ** ****, ******* Electronics ******** *** ***** ** * ******* ** $7.5 ******* *** ******* case. ********** ** ****, *** indictment *** *********, ***** Samsung********** *** ***** **** indicted ** ******* *** embezzlement.

Have ***********?

****** *** *** *********** on *** ****** ****, please ******* ** ** info@ipvm.com ** **** ******** to *** ** **** information **** ****** ******* and ******* **** *** Seoul **********'* ******.

Update: ****** ******** **********

* ****** **** ****************** ********** *** ****** division ******** ** **** tax *******:

*** ******** *** ******* seized *** ********* ** which ******* ******* ***** the ******* ****** ******** in **** *** ****** it **** ** ******* Electronics, *** ******* *** prosecution *********** ***** *** tax ************* ** ****.

*** **** **** ****** quotes * ***** ********** saying ** ******* ****** executive **** ** *******:

** *** ************* **** happened ** *** **** of ******* *******. ***** current ****** **********, ***** will ** ** *************

****, ** *** ******, this *** ** *** current ****** ******* ****** / ******** ******** ** unclear.

***** ******* *** ****** to ******* **** **** any ********** *********** ** response ** **** ******.

Comments (7)

*** ******** *** ****** filed * ********* ** 2017, ********** **** ******* Techwin *** ****** ********* taxes ***** **** **** 12 ******* ***...

** **** “*******” ********* just * **** ** is *** ********** **** the ********** ******** ******* to *** ********* ** 2017 ******** ******** ***-***********?

**** ** **** *** Yonhap **** ******. ** do *** **** *** information ***** **** *** alleged ******** *******.

** ******** **: ** evading ***** ***** *** they *** *** ***** into ******* *********** / Wave *** ,*** *** gain ** ****** ********* on *** **** ** the ******** **** **** tax *******?

$** ******* ** ***** 10% ** ***** ****** sales ** *** ****** significant.

$** ******* ** ***** 10% ** ***** ****** sales ** *** ****** significant.

***** **** ****** ***** are ********* ** *** $500 ******* *****, ** not **** ***********. 

* *** ********* ** Hanwha ******* *******. *** American ********'* ***** *** around $*** ***.

**** **** ******************* ***** **** ** do **** * *** probe ** ****************?

***, * ** *** sure **** *** ******** ********'* sales **** ** ****.

** ******** **: ** evading ***** ***** *** they *** *** ***** into ******* *********** / Wave ***

****** *****'* ******* ***** Wave ***. **** ******* ** **** Network ******* **'* **** ** OEM ** ***** ** Witness ***.  **** ** Digital ********'* ******** ***.  

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