The National Tax Service has launched a non-routine (special) tax investigation into the Korea office of a company effectively run by Sido Group Chairman Kwon Hyuk, who was dubbed the ‘ship king’.

According to the relevant industry on the 12th, the Fourth Investigation Bureau of the Seoul Regional National Tax Service sent investigators that day to the Korea office of Sido Shipping in Seocho-gu, Seoul, to secure accounting books and other materials.

The National Tax Service is said to have detected suspected tax evasion by Chairman Kwon, obtained a search-and-seizure warrant from the court, and seized the PCs and mobile phones of employees. Executing a search-and-seizure warrant signifies the launch of a criminal tax investigation with criminal penalties in view, a stronger response than a regular tax audit aimed at collecting back taxes.

Chairman Kwon founded the ship management company Sido Mulsan in 1990, conducted business in Korea, Japan, Hong Kong, and elsewhere, and was nicknamed the ‘ship king’. However, as of the end of 2024, he was in arrears of 393.8 billion won in his personal capacity and 520.3 billion won under corporate names, placing him on the list of major and habitual tax delinquents. By the amount of personal arrears, he ranks first nationwide.

Regarding the tax investigation into Sido Shipping's Korea office, the National Tax Service said, “We cannot confirm information such as tax investigations of individual taxpayers.”