Alphabiz - Hanjin Group’s Cho Nam-ho and Cho Jung-ho Publicly Named for Failing to Report Overseas Financial Accounts

[Alpha Biz= Reporter Kim Jisun] Cho Nam-ho, Chairman of Hanjin Heavy Industries Holdings, and Cho Jung-ho, Chairman of Meritz Financial Group, have been publicly named by the Korean National Tax Service (NTS) for failing to report overseas financial accounts worth approximately 80 billion KRW (around $60 million USD).

According to the NTS, the two individuals failed to report 39.98 billion KRW each in foreign deposits, suggesting they may jointly hold the overseas account in question. Their names were included in the NTS’s list of violators of financial account reporting obligations, published on December 4.

This case stems from an inheritance dispute involving overseas assets after the passing of their father, the late Hanjin Group founder, Cho Choong-hoon. In 2018, the two were accused of omitting some foreign assets during the inheritance process, which led to legal disputes with tax authorities. It appears the case has been concluded, with penalties or fines finalized, resulting in their inclusion on the public list.

The NTS emphasized the importance of compliance with financial reporting obligations and warned of strong measures against violators in its ongoing efforts to ensure transparency in financial practices.

Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)