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Lone Star
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« ETHICAL » RATING OF LONE_STAR
, group
and subsidiaries
[ ?] |
| Delinquency: 1 act(s) of financial or trade delinquency |
| Tax haven, secret bank account, shell companies: operates in 6 offshore financial center(s) |
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year | financial misdemeanor | | | | | source |
| 2005 |
South Korea tax authorities said some foreign funds dodged taxes by setting up paper companies in a tax haven and conducting business in South Korea through them. Five foreign funds are fined a combined US$207million. Steven Lee, the head of Lone Star's Korean business, resigned for unspecified reasons. The US buyout fund made a US$272million profit from the sale of a building in the upmarket district of Seoul but was exempted from tax on capital gains thanks to a double-taxation treaty. Carlyle also earned US$680million in tax-free profit from selling its stake in KorAm Bank to Citigroup. Newbridge did not pay any tax on the $1.2bn profit it received from the sale of Korea First Bank last year, because the deal was conducted through its subsidiary set up in Labuan. |
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