[Alpha Biz= Kim Joonhyun] South Korea’s National Tax Service (NTS) has initiated a surprise special tax investigation into private equity firm Alchemist Capital Partners Korea (Alchemist), known for handling major transactions involving SK Group, potentially disrupting the ongoing sale of SK TNS.

According to industry sources on May 15, the NTS has deployed its elite Investigation Bureau 4—often dubbed the “grim reaper of conglomerates”—to conduct an in-depth probe into Alchemist.

The investigation is expected to focus on the succession process following the death of the firm’s beneficial owner, the late Eun Jin-hyuk, as well as cross-border capital flows. Eun passed away in January 2025 while standing trial on tax evasion charges, and the firm is now facing renewed scrutiny roughly a year later.

Authorities are widely expected to examine in detail the transfer of management control at Alchemist, inheritance procedures related to Eun’s estate, and overseas fund movements. Following Eun’s death, Alchemist replaced much of its senior management, but the transition was marred by legal disputes, including injunction filings by former executives. Some related cases have recently been referred to the Seoul Central District Prosecutors’ Office.

The probe is casting uncertainty over Alchemist’s planned divestment of SK TNS, an information and communications infrastructure company. SK TNS was spun off from SK ecoplant in 2015, and at the time of acquisition, SK ecoplant participated as a subordinated investor with a KRW 60 billion commitment in Alchemist’s project fund, drawing market attention.

According to recent investment banking industry reports, Pantech C&I—controlled by former Pantech Vice Chairman Park Byung-yup—is seeking to acquire a controlling stake in SK TNS. The company has previously acquired business units from SK Teletech and SK Telesys, and has been noted for its close ties with senior SK Group figures. However, the ongoing investigation raises the possibility that the sale process could face prolonged delays.

Market participants and authorities are closely watching whether the probe could expand to examine potential links with SK Group. Speculation has persisted over possible connections, particularly given that Alchemist’s new CEO is a former executive of SK ecoplant and that funds allegedly created by Eun through offshore entities, including in the Cayman Islands, may have been tied to SK-related dealings.

SK Group has previously denied any such connections, stating that “structurally, the SK TNS sale is entirely unrelated to SK Group.” Nonetheless, if the NTS expands its investigation to include overseas account reviews, the potential ripple effects across the broader business community could be significant.

 

 

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