Korean enterprises remitted about 2 trillion won ($1.6 billion) to tax havens such as Ireland, Luxembourg and Delaware state in the U.S. last year, data from the Bank of Korea showed Monday.A BOK official noted that the nation’s 30 major business groups including Samsung operate a combined 250 subsidiaries in tax havens.Several of the overseas units in such areas providing tax benefits are reportedly known as bogus firms with no business activities, allegedly established to raise offshore fundin

Bond owners who were victimized in the 2011-12 savings bank woes filed a group lawsuit against state-controlled Korea Deposit Insurance Corp. over the weekend, the Korea Finance Consumer Federation said Sunday. A total of 573 suitors submitted a class action suit against Korea Deposit Insurance Corp. to the Seoul Administrative Court, claiming severe loss on transaction-frozen deposits in the wake of the savings bank fiasco.Out of the lost 20 billion won, suitors claimed about 900 million won ($

Korea needs to implement more proactive policies and further open its market to boost foreign direct investment, foreign chambers said at an economic forum hosted by Herald Corp. in Seoul on Thursday.“Korea is a very unique country with an advanced economy and relatively high growth rate. There are various attributes that make Korea an attractive place to make investments,” said Henry An, cochairman of the American Chamber of Commerce’s taxation committee.But he added that the country should try

The Industrial Bank of Korea on Monday revealed plans to offer rescue loans to embattled South Korean firms operating in the Gaeseong Industrial Complex.The IBK set aside a 100 billion won ($88 million) rescue loan fund for these companies to help them cover costs amid heightening inter-Korean tensions which have hindered regular operations. Pyongyang has blocked South Korean vehicles and workers from entering the inter-Korean industrial complex since last Wednesday. Unable to provide materials,