[THE INVESTOR] South Korean lawmakers will grill CEOs of four tobacco companies operating in the country regarding their suspected tax evasion during a parliamentary audit this week, industry sources said on Oct. 11.

South Korea‘s sole tobacco maker KT&G, Philip Morris Korea, British American Tobacco Korea and Japan Tobacco International are suspected of dodging taxes on huge profits from a tobacco price hike last year.

According to the sources, the National Assembly’s safety and administration committee has summoned the CEOs -- Baek Bok-in of KT&G, Chong Il-woo of Philip Morris Korea, Tony Hayward of BAT Korea and Steve R. Dyer -- as witnesses over the alleged tax evasion during the audit on Oct. 12.

It will mark the first time for the CEOs of the four cigarette companies to testify simultaneously at a parliamentary audit. Of the four, Chong and Hayward will also appear for the Oct. 13 audit by the Assembly’s planning and finance committee.

(theinvestor@heraldcorp.com)