National Tax Service MI
South Korea’s National Tax Service has launched a non-regular special tax investigation into Hana Financial Group and Hana Bank, according to tax authorities and industry sources on Sunday.
The Seoul Regional Tax Office’s Investigation Bureau 4 reportedly sent officials to the headquarters of Hana Financial and Hana Bank in central Seoul on May 8 to begin the probe.
Hana Financial previously underwent a regular tax audit in 2022, making the latest inspection notable because it is a non-regular special investigation rather than a scheduled review conducted every several years.
Authorities are believed to have initiated the investigation after detecting possible tax-related irregularities involving the financial group, though the exact scope of the probe has not been disclosed.
Industry officials described the move as unusual, noting that South Korea’s banking sector has rarely faced non-regular special tax investigations over the past decade.
The probe also comes amid recent controversy surrounding high executive compensation despite unclear management performance, along with allegations that former executives received sizable advisory fees after retirement.
The National Tax Service declined to comment on details involving individual taxpayers, saying it could not confirm matters related to ongoing tax investigations.
Hana Financial also said it could not verify the scope or content of the inspection.
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