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Prosecutors handed over SPC Group Chairman Heo Young-in to trial.
He is accused of instructing subsidiaries to transfer shares at a low price in order to avoid paying the gift tax of the family.
If the stock is sold at a bargain price, the damage is returned to minority shareholders.
This is reporter Park Chan-geun.
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Chairman Heo Young-in bowed his head and apologized for the death of a female worker in her 20s at SPL Pyeongtaek Bakery, an affiliate of SPC Group, last October.
This time, he was handed over to trial on charges of causing damage to affiliates and shareholders by transferring shares of affiliates at a bargain price in order to avoid paying gift tax that he and his family should pay.
In 2012, when a controlling shareholder makes a profit from a transaction with a specially related corporation, a new regulation was established to drive the work of large corporations, which is considered the same as a gift and imposes a gift tax.
As a result of this regulation, Chairman Huh has to pay 800 million won in gift tax every year if he does not sell his stake in Mildawon, a flour producer that the family actually owned.
Chairman Huh instructed Samlip to hand over shares of Paris Croissant and Shani’s Mildawon, the largest shareholder of the family, to Samlip at a bargain price, resulting in damages of 12.16 billion won to Paris Croissant and 5.81 billion won to Shani. Prosecutors are watching.
The prosecution estimated that the gift tax that the family had avoided so far was 7.4 billion won.
[Kim Kwang-joong/'criminal complaint' Shani minority shareholder's agent: Ultimately, shareholders suffered losses, and the prosecution's investigation and prosecution provided an opportunity to prove the claims of minority shareholders more clearly...
.]
SPC said, "The stock transfer was carried out by calculating the appropriate value through an external accounting firm," and announced that it would explain during the trial.
(Video editing: Park Chun-bae, CG: Park Jeong-kwon)