Choi Eun-young, chairwoman of South Korea's Hanjin Shipping, is one of seven high profile Korean business leaders named by the non-profit KCIJ in its website.
Hanjin Shipping's former chief executive Cho Yong-min was also named as among those who established a paper company in the Virgin Islands and the Cook Islands for possible tax evasion.
The KCIJ report showed that Choi and Cho co-founded Wide Gate Group in the British Virgin Islands in October 2008 and they are the largest stakeholders.
While the setting up of a paper company in tax-free countries is completely legal, there have been speculations that the tax haven zones have been used by big company owners as safe deposit boxes to stash away off-the-book funds or evade taxes via financial accounts created under the company's name.
The disclosures by KCIJ come at a time when Korean authorities are probing into suspected tax evasion by CJ Group, the 14th largest conglomerate in Korea.
Hanjin Shipping has preferred not to comment, according to a report by Reuters.
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