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An image from the International Consortium of Investigative Journalists web page with a list and database including close to 214

A list of companies evading taxes around the world was made public this week, with eight South Korean firms included among them.

On May 9, the International Consortium of Investigative Journalists (ICIJ) posted a list and database on its web page including close to 214,000 offshore businesses, trust companies, foundations, and funds from the recent Panama Papers, a collection of documents on tax havens.

As many as 21 sites in the US states of Nevada and Delaware, Hong Kong, the British Virgin Islands, and elsewhere were listed as having been used as tax havens where offshore companies were established to evade taxes.

The data release, which amounts to the largest in history on individual tax evaders and offshore companies, was intended for the public interest, the ICIJ said. The information made public on May 9, which includes the names of the actual owners, representatives, and brokers for the businesses, makes up a fraction of the roughly 11.5 million documents in the Panama Papers, which were acquired in spring 2015 by Germany’s Suddeutsche Zeitung from the Panamanian law firm Mossack Fonseca.

In addition to the Panama Papers materials, the ICIJ also released information on around 100,000 offshore businesses uncovered through a 2013 investigation into suspected tax evasion.

The eight South Korean companies on the list were P.F. Marine (brokered by Gwangyang Shipping), K C Leasing (SK Shipping), New Ocean DX International and First Pacific International Tankers (both the law firm Shin & Kim), Sodel Enterprises (Jeong Chae-yeong), Westwood Rich Finance (Enercell International), and Synergie Group Holdings and Mega Overseas Services (both Fladgate Fielder).

One striking discovery was the involvement of Shin & Kim - considered one of South Korea’s top five law firms - in the establishment of two of the businesses. Fladgate Fielder is a British law firm.

Amid the recent international attention on his country, Panamanian President Juan Carlos Varela was quoted by AFP on May 9 as saying, “It looks like internal politics and differences between the big powers is [sic] playing a role in how these issues are being handled.”

“If [the big powers] want to fight they should do so in their own countries, and not use our financial and fiscal system,” an Varela added.

Meanwhile, Thomas Piketty, Jeffrey Sachs, and around 300 other noted world economists issued an open letter to world leaders on May 9 calling for an end to tax havens ahead of an anti-corruption summit in the UK on May 12, the AP reported.

“[T]he secrecy provided by tax havens fuels corruption and undermines countries‘ ability to collect their fair share of taxes,” the letter states.

“While all countries are hit by tax dodging, poor countries are proportionately the biggest losers, missing out on at least $170bn of taxes annually as a result,” it continues.

By Cho Il-joon, staff reporter

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