HHI Suspected of Tax Fraud

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Korea’s National Tax Service has opened an investigation into shipbuilder Hyundai Heavy Industries (HHI) amid suspicions that it has been illegally filtering cash overseas.

PTI previously reported that HHI had lost around US$2bn as a result of increased Chinese competition and a fall in demand among European ship owners.

As reported by the Korea Herald, an NTS official said: ““We have found many problems in Hyundai Heavy Industries’ overseas fund transactions during a preliminary investigation.”

The shipbuilder has recently announced a plan to merge three of its business units in a bid to improve efficiencies and to lower its costs.

A plan to launch its Hyundai Intelligent Collision Avoidance Support System was announced in July, 2014 to increase the safe navigation of ships.

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