Prosecutors have launched an investigation into Lee Woong-yeol, 63, chairman of the Kolon Group who is suspected of evading inheritance taxes.
The Seoul Central District Prosecutors' Office has begun investigating Lee as the National Tax Service (NTS) has pressed a tax evasion charge against him.
The National Tax Service (NTS) investigated the Kolon Group in 2016 and filed an accusation against Lee with the prosecution for violating the Tax Punishment Law.
Lee announced last month that he would step down as the group’s chairman next year after leading it for 23 years. He is the grandson of the late Lee Won-man, founder of the Kolon Group, and the son of the late Lee Dong-chan, who succeeded the founder as group chairman.