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Farada under investigation by South Korean tax authoritiesIs Company Limited
South Korean casino operator Farada reportedlyIssa confirmed that it is one of the many topics of a formal investigation into a series of illegal tax-related charges.
According to a report by GGRAcia, the National Tax Service's investigation of the Seoul-listed company was first revealed Wednesday by the nation's Future Biz news agency and is investigating 38 companies alleged to have committed a series of crimes, including corporate fund embezzlement and tax evasion.
be blueIs Company Limited is responsible for the huge Paradise City integrated casino resort near the port city of Incheon and small hotel infrastructure in Seoul, Jeju and Busan. The source said it struggled in 2020 due to the coronavirus pandemic, with total game revenue falling 51.4% year-on-year to $202.23 million in the eight months since early January.
South Korea, which has a population of about 51.7 million, has so far recorded 480 deaths from the coronavirus and has implemented several temporary casino closures designed to stem the spread of the potentially deadly epidemic. PARADISE COMPANY LTD. IS FOREIGN ONLY PARADA ON SEPTEMBER 9 AFTER WEEK CLOSUREIt has reportedly reopened Is City properties and announced it has not yet officially informed of the 'exact purpose' of the IRS investigation.
Paradise operates a 711-room Paradise City development in partnership with Japan's Sega Sammy Holdings Inc., with total game sales down 75% year-on-year to just $14.55 million as a direct result of coronavirus-related lockdown orders, on top of new social distancing and capacity obligations.
Monday, August 28, 2023
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