(MENAFN) For a whole two years 2013-15, South Korean Homeplus paid its parent Tesco, the British retail giant, a total of USD100 million in license fees, although Tesco had already received USD24 million for its logo.
Tesco has come in for rough public scrutiny for its bid to sell the Korean unit to MBK Partners, a Seoul-based private equity firm, in a deal projected at more than USD58 billion, making it the country's largest ever takeover deal.
Furthermore, Speculations suggest that Tesco have arranged to receive USD10 billion in dividends from Homeplus in a way to cut tax bills on the takings from the asset sale, which was the reason why the public criticism took place.
Homeplus was launched in 1999 as a joint venture with Samsung Group, but South Korea's corporation sold its stake back to Tesco in 2011, and it's worth mentioning that Homeplus is Tesco's only unit that operates under its own name.
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