TOKYO (TR) – The Tokyo Regional Taxation Bureau has filed a criminal complaint against a Chuo Ward real estate company and its president for allegedly evading over 100 million yen in corporate taxes by hiding massive profits, reports Nippon News Network (June 3).
According to the bureau, Asset Plus and its 62-year-old representative Jong-han Pyeon — who also goes by the alias Toon Hirota — failed to declare hundreds of millions of yen generated from lucrative property deals.
Investigative sources have revealed that Pyeon sold two properties in Shinjuku Ward in 2022 as part of a joint venture with two partner companies. However, he allegedly concealed approximately 431 million yen he received as his share of the profits from the sales.
By failing to declare the income, the company managed to dodge roughly 109 million yen in corporate taxes.
Authorities believe the illicitly retained funds were funneled right back into the business and used to purchase additional real estate under the company’s name.
As of the latest reports, the company has not responded to requests for comment from Nippon TV regarding the allegations.
