In articles published on March 17, 2025, and March 19, 2025, Biz Hankook reported that Chairman Shin Dong-joo attempted money laundering and tax evasion by establishing paper companies in Singapore, and that he violated local laws during the corporate establishment and visa/address registration processes.
However, upon verification, it has been confirmed that the aforementioned reports contained incorrect information, and therefore, we correct them as stated below.
<Corrections>
① Regarding corporate establishment: The corporations associated with Chairman Shin were established in accordance with relevant Singaporean laws.
② Regarding visas and registered directors: It has been confirmed that Chairman Shin and his spouse assumed office as registered directors after obtaining Employment Passes, and it has also been confirmed that the requirement for a local resident director at the time of establishment was met.
③ Regarding registered address: The registered addresses for the companies associated with Chairman Shin and his spouse were registered within the scope of a system that allows the use of contactable registered addresses, and it has therefore been confirmed that they complied with the relevant laws of Singapore.
Meanwhile, regarding the allegations of money laundering and tax evasion, Chairman Shin's side has stated that the corporations were not established for the purposes of money laundering or tax evasion.
This report is in accordance with a court mediation.