Investor That Can See The Future

Chapter 429

Investigator Shin Jong-hoon’s revelations continued.

“In the Blue House, voices of dissatisfaction with CEO Kang Jin-hoo have been heard for a long time. The arrest of Chairman Im Jin-yong this time is also to show that political power is overpowering capital power. He is going to eliminate the hole through which the chaebol can escape by decisively punishing the crimes of the chaebols he has been watching. In a word, the Blue House was afraid of Kang Jin-hoo, so they used the prosecution to kill the chaebol.”

In addition, he continued with minor revelations such as parachuting public corporations and intervening in personnel, and finally said.

“Besides this, there is not one or two things to disclose. From now on, we will expose the corruption of this government in turn. My acquaintances are worried that I might commit suicide, but I don’t commit suicide no matter what. If I die, it’s murder, not suicide. Again, I never commit suicide.”

This revelation has taken the internet by surprise.

-So you’re not saying that in the end, Im Jin-yong was captured because of Kang Jin-hoo?

-No, what the hell did Jinhoo Kang do wrong?

– The Blue House is just afraid.

-Frankly, are you going to count the words of the president now, or will you count after Kang Jin-hui?

– The president changes after 5 years anyway. But in 5 years, after the earthquake, your wealth will have doubled.

-Park Si-hyung was also sent away after Kang Jin-hoo. There is no law that says Heo Chang-min shouldn’t be like that.

– No, is what he said before that really true?

– You said he was the one being investigated for abuse of power and bribes. Do you believe in such criminals?

– A revamp to cover up one’s sins by making an issue.

The police broke into the officetel where the video was filmed with a warrant, but he had already disappeared.

The next day, he left a text message to his wife saying, ‘Take care of the family,’ and cut off all contact.

-what? Did you commit suicide?

– Heo Chang-min sent a red Matiz~

– Did the government really kill you?

– Does this make sense?

-Haha, the left-wing government class that committed suicide after revealing the corruption of the Blue House~

– How is this different from the 5th ball era?

– No, no matter how stupid the government is, would they kill the informant in this situation?

-Impeach Heo Chang-min!

The police mobilized a large-scale manpower to search.

Fortunately, he was found in a motel near Shilla University. At the time of discovery, there were lightning bullets and ropes inside the motel, and it was revealed that he had attempted suicide.

[(Breaking News) Investigator Shin Jong-hoon found ‘breathing’ in a motel in Seoul][Police investigator Shin Jong-hoon arrested][Life is not affected, but transported to hospital][As soon as the condition improves, re-apply for the arrest warrant… … ]

The Liberal People’s Party insisted that he be protected as a whistleblower, but the New Politics Party opposed that he should be punished for leaking business secrets.

In any case, investigator Shin Jong-hoon was arrested as the charges were certain for misconduct. As it was a revelation without any evidence, it was just an atmosphere that ended with a happening.

But again, it didn’t end there.

President Huh Chang-min spoke at the State Council meeting.

“Recently, the outflow of corporate funds using tax havens and offshore tax evasion have gone too far. It goes without saying that where there is income, there are taxes. As this leads to a sense of deprivation among the people who faithfully pay taxes, and may lead to tax resistance, we ask that you thoroughly investigate the relevant matters.”

He also mentioned the Panama Papers incident that occurred several years ago.

It is a case in which confidential documents of a law firm called Mossack Fonseca in Panama were leaked, and through this document, the corporations and owners established in Panama, famous for tax havens and the British Virgin Islands, were revealed.

The list includes politicians and Hollywood stars from around the world. Many celebrities including sports stars, entrepreneurs and criminals were included, and Koreans were not alone.

This shows how widespread tax evasion using tax havens is.

After the president’s remarks, Nam Yoon-sang, head of the National Tax Service, made an emergency announcement.

“The scale of offshore tax evasion is increasing every year due to the overseas expansion of companies and the increase in international transactions. The National Tax Service collected 1.4 trillion won last year, followed by 1.8 trillion won last year. For the sake of tax equity, intensive tax investigations will be carried out if it is confirmed that the company has concealed offshore income and assets regardless of the size of the corporation or the individual. In the future, we will eradicate hidden assets overseas and offshore tax evasion by hiring more manpower. Currently, non-reporting offshore income and property are temporarily subject to voluntary reporting until the end of the year. If you voluntarily report, you can receive criminal tolerance for crimes such as exemption from penalties, fines, and tax evasion. For tax evasion caught after that period, we will work with the prosecution to apply the zero-tolerance principle.”

To keep pace with this, the New Political Party decided to legislate a law that makes reporting mandatory and punishes offshore assets worth more than $100,000, under the pretext of preventing outflow of funds and tax evasion.

* * *

An official notice from the National Tax Service was sent to me, Taek-gyu, and Hyun-joo noona. This is to voluntarily report offshore assets.

Taehyung asked me.

“Why are they all of a sudden?

OTK Company, as everyone knows, has a corporation in a tax haven.

It is not uncommon to establish a corporation in a tax haven for the purpose of exposing identity, protecting assets, and saving taxes. So far, it’s legal, so there’s nothing wrong with that.

The problem is tax evasion and money laundering.

Korea already imposes taxes on offshore income of its residents. For example, if you buy US stocks in Korea and make a profit, you have to pay taxes not only in the US but also in Korea.

However, corporations are a different story. Korea does not have the authority to impose taxes on income generated by foreign corporations. However, I can only be taxed when the funds of OTK Company are transferred to me as dividends or salary.

However, OTK Company rarely pays dividends and continues to reinvest. Therefore, there is no tax to be paid in Korea.

Industrial capital builds factories on land and hires manpower. However, financial capital can move freely anywhere.

What capital considers important is tax and regulation.

Panama, classified as a tax haven, has the largest number of merchant ships in the world. Merchant ships can be registered where taxes and regulations are low in accordance with the principle of convenience. So, regardless of the country in which the ship is built and the nationality of the owner, ship owners register their ships in Panama.

In the case of American PEF Lone Star, after establishing a subsidiary in Belgium, it invested in Korea and made huge profits.

The reason why I had to invest through a Belgian offshore company is that, according to the Korea-US tax treaty, tax must be paid to Korea on profits made in Korea, but the Korea-Belgium tax treaty is tax-free.

In Korea, the Belgian subsidiary was a offshore company and all investment profits were attributed to Lone Star, and taxation began, and Lone Star countered that the tax was unfair, and the issue eventually went up to the ISD.

Another example is Npple, Gubble, Facenote, and the like. They were caught selling their services while driving revenue to Ireland, which has the lowest corporate tax in the EU. The EU has threatened to impose billions of dollars in fines for this, and IT companies strongly opposed it.

As such, countries and multinational corporations are engaged in a fierce battle over taxes.

If OTK Company had been a Korean corporation from the beginning, it would not have been easy to move overseas. However, OTK Company started as a tax haven from the beginning. And, starting with the sale proceeds of BANTCOIN, assets have been steadily called up.

Strictly speaking, it has nothing to do with Korea, except that the shareholders and CEO are all Korean. And yet, all of a sudden… … .

“Are you really targeting me?

I remembered President Huh Chang-min, whom I met the other day. Deep wrinkles and tightly closed lips. The man I saw was strong and upright.

As a lawyer, he took care of the socially underprivileged rather than pursuing personal achievement. That is worthy of respect. But just because he’s good in person doesn’t necessarily make him a good president.

If he thinks that controlling capital power is justice, what will happen?

Taegyu said.

“How about changing our nationality?”

Some people say that nationality is something they get from birth, but it is difficult for some people to get it even if they work hard for the rest of their lives. Developed countries with higher welfare levels have stricter conditions for issuance of citizenship.

But money solves all problems. If you’re going to go with a year’s worth of national budget, what country would you hate?

Korea is one nation and one nation. Since the Korean people are Koreans, changing nationality is treated as betrayal.

However, most countries are multi-ethnic. There are 55 ethnic groups in China alone, and the United States is a gathering place for all races in the world to the extent that it is called the ‘melting pot of races’.

The United States welcomes naturalized people as Americans. Immigrants are also the driving force behind America’s growth.

An immigrant from India becomes the CEO of a trillion-dollar company, and an immigrant from Austria or Mexico becomes the governor. Even the former president’s father is Kenyan. (The governor can be a naturalized American, but the president is the United States. born only)

A few years ago, when the French government offered a tax of up to 75 percent on the wealthy, many rich people, including famous actors Depardieu and Alain Delon, gave up their French citizenship and acquired nationality from other countries.

LVMH Arnault, France’s richest man, applied for Belgian citizenship, but canceled it due to public backlash.

There are public opinion criticizing this, but there are also opinions that it is an individual choice and should be respected. In any case, nationality is viewed as a matter of individual choice.

In the case of other chaebols, it is difficult to naturalize abroad as they already have their headquarters and businesses in Korea and are highly dependent on the Korean market. There will also be a lot of public opposition.

But I don’t care. Now that I’ve completed my military service, I don’t think it will take any longer.

* * *(Read more @ wuxiax.com)

I met Director Kwon Young-cheol again.

Investigator Shin Jong-hoon’s revelations, whether true or not, have been a great help to the Seoseong Group. Public opinion that the arrest of Chairman Im Jin-yong was unfair has grown.

“Is the government really doing this for me?”

He nodded.

“It cannot be said that it is because of you, but it is true that the government is feeling a lot of pressure. The Korean economy is now being driven by OTK Company. What would be the current economic growth rate without OTK Company? According to our Economic Research Institute’s calculations, even 2 percent would have been hard. Even this is a figure when the government has put in a large-scale supplementary budget. The same is true of diplomatic relations with the United States, China, Russia and Japan. What would have happened if the representative wasn’t there? If only Japan’s trade retaliation took place right now, whose side would the United States take?”

In East Asia, South Korea and Japan are important allies of the United States. However, in terms of priority, Japan is definitely ahead.

In fact, when they were at a disadvantage in the Korea-Japan trade dispute, Japan lobbied heavily in Washington, DC, and requested mediation on its side.

Ronald stopped it at my request.

“While the president was working on everything, what did the government do in the meantime?”

Taek-gyu thought for a moment and said.

“I haven’t really done anything.”

President Huh Chang-min did not commit any major mistake. But he didn’t do anything very well.

“It was the CEO’s job to catch the skyrocketing house prices in Seoul by promoting the Saemangeum development. The government just put a spoon on it. In short, this government has done nothing. So, we have no choice but to pay more attention to the representative’s existence.”

As long as the president has been arrested, the words that come out will not be audible.

“It is true that your presence is of great help to the Korean economy. But no government likes power out of control.”

Even the chaebol who reigns above the law is afraid of the government and the National Assembly. No, I don’t know if I’m actually afraid or not, but at least acted like that. So, when he went to the hearing, he politely bowed his head despite the shouting of a young member of the National Assembly.

But I was far from the behavior of those chaebols.

“Even if I do nothing, my very existence is a threat.”

Director Kwon Young-cheol nodded his head.

“If a tiger in the same room says it won’t harm people, will you be able to sleep in peace?”

Money has power just by being gathered. Who would believe me if I said I wouldn’t use it for anything bad?

“It is not just a problem with the Huh Chang-min government. Even if the government changes next time. The representative has become too big for Korea to embrace now.”