CJ Group chief allegedly bought artwork using borrowed names: sources

Prosecutors investigating CJ Group may have secured a key piece of evidence that the conglomerate's chief allegedly purchased artwork with the use of borrowed names, informed sources said Saturday.

Lee Jae-hyun, chairman of the local food and entertainment conglomerate, is accused of stashing secret funds worth hundreds of millions of dollars via deals involving expensive art pieces and evading taxes in the process, sources said.

Dozens of the group's executives have purchased up to 300 famous works of art since 2005, the sources said.

The Seoul Central Prosecutors' Office probing the case is putting its efforts toward proving that Lee is the actual owner of the artworks and that he used the names of the company's executives to acquire them, they said.

In connection with the probe, Hong Song-won, head of Gallery Seomi, was twice summoned by prosecutors earlier this week to face questioning over suspicions that she had assisted Lee in stashing funds by inflating the costs or forging papers in the purchase of the artwork.

Among the items are high-value pieces by leading contemporary artists such as Andy Warhol and Jeff Koons, they added.

Meanwhile, Lee is expected to be summoned sometime late this month or early next month for further questioning over his alleged violation, according to sources.

(Yonhap News)