US Dollar Climbs to One-Year High as Fed Rate Hike Expectations Surge 
Singapore Inflation Stays Muted in May as Core CPI Misses Forecasts Ahead of MAS Review 
California Drivers Sue BP, Walmart, 7-Eleven Over Alleged AI Gas Price Fixing 
Bain Capital Nears Deal for Majority Stake in Volkswagen Marine Engine Unit Everllence 
U.S. Dollar Reaches One-Year High as Tech Sell-Off and Fed Rate Hike Expectations Support Demand 
Oracle Cuts 21,000 Jobs as AI Reshapes Workforce and Cloud Expansion Accelerates 
Wall Street Ends Mixed as Alphabet Slumps, Middle East Developments and Fed Outlook Weigh on Markets 
Alphabet Stock Slides as AI Talent Exodus and SpaceX Losses Shake Investor Confidence 
Malaysia Central Bank Moves to Support Ringgit Amid Foreign Fund Outflows 
South Korea Remains MSCI Emerging Market Despite Reform Progress 
Anthropic AI Model Uncovers Vulnerabilities in Classified U.S. Government Systems During Security Test 
Gold Falls Below $4,000 as Strong Dollar and Fed Rate Hike Expectations Weigh on Prices 
US Dollar Hits One-Year High as Hawkish Fed Outlook Overshadows Middle East Developments 
South Korea’s KOSPI Rebounds as Samsung and SK Hynix Lead Tech Stock Recovery 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Nike CFO Shake-Up Fuels Concerns Over Turnaround Strategy 
Hankook Tire owners are being ordered by the court to pay $3.4 million or KRW4.5 billion in taxes. The order comes after the owners lost in the administrative lawsuit case.
Hankook Tire is the leading tire maker in South Korea, and the Seoul Administrative Court determined it owes taxes from its overseas capital gains income. The court decision was revealed on Thursday, July 14.
As per The Korea Times, the administrative lawsuit was the owners’ second attempt to have its tax lowered or nullified, but both cases failed after the Tax Tribunal dismissed a previous case that was filed by the tire company’s owners.
It was reported that the administrative court found that Cho Yang Rai, Hankook Tire chairman, and his son Cho Hyun Sik, have hidden income in five bank accounts in Luxembourg and Switzerland. The court ruled that the father and son did it deliberately from 1990 to 2014.
The court stated that the capital gains income listed in the five accounts were not reported for more than two decades thus, the act has been determined to be intentional. Moreover, the Hankook Tire owners were not able to provide a plausible explanation as to why the two of them are holding accounts in the mentioned European countries. The court suggested that the only possible explanation is that it was for tax evasion purposes.
“Since 1990, when Cho Yang Rai first opened a bank account in Switzerland, he and Cho Hyun Sik set up an additional four foreign accounts until March 2016,” The Korea Herald quoted the court as saying in its ruling. “But none of them was reported to the tax agency.”
The court added, “The firm had little business presence in the European countries and choosing overseas accounts over local ones is not explained by any other circumstances.”
The recent ruling followed the lawsuit that was filed by the father and son to reduce the amount of taxes that were imposed by the country’s National Tax Service in 2019. At that time, the tax agency ordered the Hankook Tire chairman to pay KRW1.9 billion won while his son was slapped with KRW2.6 billion tax.
