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Korean Video Casino Accused of Evasion
Sept. 30-06
High Tech video and electronic tax
evasion, this could only happen in Korea. Video casinos in the far
east are undergoing investigations concerning possible tax
evasion. It seems that the online casino criminal bug has been
caught by some Korean electronic gambling providers.
Woojyun Systec, the company undergoing
scrutiny, has recently passed ownership hands. It is now owned by
Ziko Prime who bought the internet communications part maker
causing it to be given a back door listing on Kosdaq ( the Korean
Nasdaq). The company had been experiencing some difficulty before
the recent change.
The President of Woojyun Systec left
the company after the acquisition and having experienced extremely
low returns. It would seem the unwitting casino players who had
lost money under the former presidents ownership of the company,
were participants in evasion.
The winnings for the "house" or in
this case, video slot machines were not claimed properly according
to Korean investigators and this in turn lead to the evaluation of
all the company's business deals.
The former president's attempt to jump
ship is not reflecting well on his character in the wake of recent
accusations. Roh Moo-hyun, the former president of the company,
resigned to avoid any gossip about the Ziko Prime change.
His resignation, unfortunately for
him, has had a completely opposite effect. The resigned video
casino owner is now faced with a great deal of accusation been
thrown his way. If evasion is in fact the reality in this
situation, it will be a rather complex matter.
Responsibility for the company is in
flux due to the recent change over. Giving up the company,
although not a wonderful reflection on his character, may have
been the last ditch desperate effort to save himself from
the litigation to come
-Current
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