Golfzon, a screen golf company preparing for a management succession, is facing a special tax audit from the National Tax Service, raising suspicions of tax evasion.
According to industry sources, the 4th Investigation Bureau of the Seoul Regional Tax Office has been assigned to the investigation, and the background involves suspicions of tax evasion during the process of raising funds for management succession.
This is not the first time Golfzon has faced tax issues. In 2019, an investigation by the Seoul Regional Tax Office resulted in a fine of 4.3 billion won, and it also sparked controversy at the time due to being a non-routine tax audit.
Therefore, this audit is also expected to be a non-routine one, and it seems likely that further evidence related to tax evasion has been uncovered.
Golfzon's ownership structure is centered around Kim Won-il, the second-generation owner and former CEO of Golfzon Newdin Holdings.
Kim, the former CEO, vertically integrated several subsidiaries, including Golfzon and Golfzon County, which operates golf courses, through the holding company Golfzon Newdin Holdings.
In particular, the largest shareholder of Golfzon, a KOSDAQ-listed company, is Golfzon Newdin Holdings, with Kim Won-il holding a significant stake.
Additionally, the founder, Chairman Kim Young-chan, and related parties own 39.49% of the shares, creating an effectively family-centered management structure.
Golfzon’s management has consistently gained large profits through dividend income.
Last year alone, Chairman Kim Young-chan and his son received about 10.4 billion won in dividends from Golfzon Newdin Holdings and Golfzon.
In particular, Kim Won-il received about 7.1 billion won in dividends from both companies.
Additionally, in September this year, Golfzon Newdin Holdings announced an additional dividend of 130 billion won through a mid-term dividend from its subsidiary, Golfzon County, drawing attention.
This dividend policy has raised suspicions that it is being used as a means to raise funds for management succession.
Kim Won-il has recently been steadily increasing his stake in Golfzon Newdin Holdings, indicating his intent to strengthen control over the company.
From April to August this year, he increased his stake from 42.89% to 43.35% through 21 stock purchases.
These movements to expand his stake, combined with the current National Tax Service investigation, have intensified suspicions about the funding process in management succession.
Industry experts believe this investigation will highlight the management risks faced by Golfzon.
In particular, since the 4th Investigation Bureau handles corporate tax evasion and tax avoidance investigations, it is expected that a thorough review of the flow of funds will be conducted.
A detailed examination is needed to determine whether the dividends collected by Golfzon’s owners were unrelated to tax evasion or whether inflated costs were manipulated to fund the management succession.
Meanwhile, Golfzon has provided a brief response, stating that there is no official comment on the matter at this time.
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Golfzon Faces Tax Audit Amid Succession Plans, Raising Tax Evasion Suspicions
Golfzon, a screen golf company preparing for a management succession, is facing a special tax audit from the National Tax Service, raising suspicions of tax ev
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