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.

* ****** ***** ********** was ****** ** **** of * *** ******* probe. ***** * ****** news ***** ****** ****** the ****** ****** ** 'Hanwha *******', ****** ******* claimed ** **** **** "it ** ******* *****************, ****************."

** ****,******'* ******** ***** *** spun *** ** ****** Techwin.

****** **** ****, ** examine *** ****, ******** from ****** ******* *** the ********* **** *** the *********.

******: *** ****** *********** statement ********** *** ****** division, ******** ** **** Hanwha ******* ***** **.

[***************]

News ******

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

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

*** ****** **** **** relates ** * **** complaint ** ~$** ******* USD *** *******:

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

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

****** **** *** **** report ** ***** ** confusion ***** *** *******'* recent **** *******,****** ******* ****** **** report** *** *** ***** 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 ******** ******** ** * ******* in $*.* ******* *** evasion ****. ********** ** ****, *** 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 **** ***********.

* *** ********* ** ****** ******* *******. *** ******** ********'* sales *** ****** $*** ***.

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

***, * ** *** sure **** *** ******** division's ***** **** ** 2018.

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

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

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