Lee Jae-Hyun, 53, allegedly stashed away undeclared assets worth about 96 billion won ($A93.5 million) and evading taxes worth 54.6 billion won since 2004.
"This is a case where a business tycoon illicitly pocketed funds diverted from listed companies and evaded tax", prosecutor Park Jeong-Shik told journalists.
Lee created some 10 shell companies in foreign countries including Singapore and Hong Kong to avoid tax, he said. Full story
