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Securities Fraud South Korea

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November 2, 1991 | From Associated Pres
The founding family of the Hyundai conglomerate was ordered Friday to pay a record $181 million for alleged illegal stock dealings aimed at evading inheritance taxes. In a separate announcement, the National Tax Administration belatedly disclosed that Cho Jung-hoon, chairman of Korean Air, was forced to pay $68.6 million in penalty taxes early this year for illegal stock transfers to a son. There was no official explanation of the delay in announcing the Korean Air case.
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BUSINESS
November 2, 1991 | From Associated Pres
The founding family of the Hyundai conglomerate was ordered Friday to pay a record $181 million for alleged illegal stock dealings aimed at evading inheritance taxes. In a separate announcement, the National Tax Administration belatedly disclosed that Cho Jung-hoon, chairman of Korean Air, was forced to pay $68.6 million in penalty taxes early this year for illegal stock transfers to a son. There was no official explanation of the delay in announcing the Korean Air case.
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