The amount of money wired by Korean firms to their special purpose companies in tax havens continues to rise, according to data from the Bank of Korea, Thursday.
Financial investments in the form of stocks and bonds to locations such as the Cayman Islands, Bermuda, the British Virgin Islands and Labuan (Malaysia) reached $2.66 billion in 2013 — 64.2 percent more than the previous year.
Investments in the Cayman Islands, especially, expanded from $70 million in 2009 to $2.51 billion in 2013.
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